U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said Thursday.
Crude inventories rose by 6.4 million barrels to 427.6 million barrels in the week ended November 7, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.96-million-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 346,000 barrels in the week, the EIA said.
Oil futures pared gains following the report. Global Brent crude futures were trading at $63.13 a barrel, up 43 cents at 12:11 p.m. EDT (1711 GMT), while U.S. West Texas Intermediate futures were trading at $58.91 a barrel, up 42 cents.
Refinery crude runs rose by 717,000 barrels per day, the EIA said, while utilization rates rose by 3.4 percentage points to 89.4% in the week.
U.S. gasoline stocks fell by 945,000 barrels in the week to 205.1 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.89-million-barrel draw.
Distillate stockpiles, which include diesel and heating oil, fell by 637,000 barrels in the week to 110.9 million barrels, versus expectations for a 2.03-million-barrel drop, the EIA data showed.
Net U.S. crude imports rose last week by 849,000 bpd, EIA said.
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