Investing.com -- Oil stockpiles fell more than expected last week, according to the latest government data.
Crude oil inventories fell 7.99 million barrels against expectations for a build of 890,000 barrels, according to the Energy Information Administration. Three of the previous five weeks have shown a draw-down in inventory.
On Tuesday, the industry’s own estimate showed an unexpectedly large draw of 8 million barrels, confirming the government data for the week.
Crude oil stored at Cushing, Oklahoma, rose 936,000 barrels, against expectations for a build of 2.4 million barrels. Gasoline inventories increased 1.5 million barrels against estimates for a draw of 871,000 barrels.