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Petroleum Institute: US crude oil inventories drop one million barrels last week

UNITED STATES (OBSERVATORY) – Oil inventories, gasoline and distillates in the United States fell last week as imports plummeted, the US Petroleum Institute said on Tuesday.

Crude inventories fell by 1 million barrels to 428 million barrels in the week ending April 13, while analysts had forecast a 1.4 million barrel drop, the institute said in its weekly report.

Crude refinery consumption fell by 35,000 bpd.

Petrol inventories fell by 2.5 million barrels, while analysts surveyed by Reuters predicted a drop of 227,000 barrels.

Distillate stocks, including diesel and heating oil, fell 854,000 barrels while 268,000 barrels were expected to fall.

US crude oil imports fell last week by 644,000 bpd to 7.9 million bpd.