U.S. crude stocks rise unexpectedly as refineries cut output

Reuters

Published Aug 24, 2016 10:35AM ET

U.S. crude stocks rise unexpectedly as refineries cut output

(Reuters) - U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate stocks rose modestly, the U.S. Energy Information Administration said on Wednesday.

Crude inventories rose by 2.5 million barrels in the last week, compared with expectations for a decrease of 455,000 barrels.

Refinery crude runs fell by 186,000 barrels per day, EIA data showed. Refinery utilization rates fell by 1 percentage point.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 375,000 barrels, EIA said.