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U.S. crude stocks drop sharply, gasoline up: API

FILE PHOTO: Dust blows around a crude oil pump jack and flare burning excess gas at a drill pad in the Permian Basin in Loving County, Texas, U.S. November 25, 2019. REUTERS/Angus Mordant

(Reuters) - U.S. crude oil stockpiles slumped last week, while gasoline inventories rose, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 9.5 million barrels in the week to Sept. 11 to about 494.6 million barrels, compared with analysts’ expectations for a build of 1.3 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 798,000 barrels, API said.

Refinery crude runs rose by 641,000 barrels per day, API data showed.

Gasoline stocks rose by 3.8 million barrels, compared with analysts’ expectations in a Reuters poll for a draw of 160,000 barrels.

Distillate fuel inventories, which include diesel and heating oil, fell by 1.1 million barrels, compared with expectations for a build of 600,000 barrels.

U.S. crude imports fell by 96,000 bpd, the data showed.

Reporting By New York Energy Desk

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