US crude inventories unexpectedly gain, gasoline falls sharply

US crude oil stockpiles posted a surprise build last week, while gasoline and distillate fuel inventories dropped far more than expected.

Stockpiles of US crude rose by 900,000 barrels in the week ending October 20, data from the Energy Information Administration showed on Wednesday. Analysts surveyed by Thomson Reuters had expected inventories to drop by roughly 2.6m barrels.

Gasoline inventories, forecast to drop by 17,000 barrels, fell 5.5m barrels last week. Distillate fuel inventories also tumbled more than expected, falling by 5.2m barrels versus expectations for a smaller 860,000 barrel draw.

Crude imports, meanwhile, rose by 640,000 barrels a day to 8.1m barrels a day.

Oil prices largely held steady after the data’s release, with a barrel of West Texas Intermediate, the US standard, down 0.4 per cent at $52.26 and Brent, the international benchmark, up 0.33 per cent to $58.52.

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