Crude oil futures rose Wednesday after the Energy Information Administration reported draws in crude and refined products inventories for the first time in five weeks, Kallanish Energy reports.
West Texas Intermediate crude settled $1.49 higher, at $55.97 a barrel, while international benchmark Brent settled up $1.47, ending the trade session at $61.17/Bbl.
U.S. crude stocks fell 1.70 million barrels (Mmbbl) last week, to 433.15 Mmbbl, according to EIA data. The U.S. Gulf Coast led the drop, with inventories down 3.71 Mmbbl last week, at 223.22 Mmbbl, EIA data showed.
A rise in crude demand from U.S. refiners helped to draw inventories, as did a drop in imports and increase in exports.
U.S. refinery runs increased, as refiners began to complete fall maintenance. Refiners were operating at 85.2% of capacity last week, up 2.1 percentage points, EIA data showed. Gulf Coast refiners were operating at 88.4% of capacity, up 3.9 percentage points.
U.S. crude imports fell 438,000 barrels per day, to 5.86 million barrels per day (Mmbpd), with the bulk of that decline, 256,000 Bpd, recorded on the Gulf Coast.
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