Crude oil stockpiles fell more than expected last week, according to the latest government data. Crude inventories fell eight million barrels, against a forecast for a 2.1 million-barrel draw, according to the Energy Information Administration. Demand has been an issue, weighing on crude oil prices.
But that changed quickly on Tuesday, after Saudi Arabia announced it would cut 1 million barrels a day from production in February and March, sending Crude Oil WTI Futuresand Brent Oil Futures crude prices 5% higher.
Gasoline stocks rose 4.5 million barrels, well above the expected build of 1.5 million barrels. Distillate stocks rose 6.4 million barrels, more than the expected 2.3 million barrel build. Refinery crude runs rose 89,000 barrels and the refinery utilization rate was 1.3%.