NEW YORK - U.S. crude oil stockpiles dipped 463,000 barrels last week amid lower import levels and higher demand from refiners, the American Petroleum Institute said on Tuesday.
The report countered analyst expectations for a crude oil inventory build of 1.2 million barrels.
The API report also showed gasoline stockpiles down 642,000 barrels in the week ended February 27 versus expectations of an 800,000-barrel drop, and distillate stockpiles up 1.6 million barrels versus expectations of a 700,000-barrel drop.
"For the most part the report is neutral, maybe slightly supportive on crude," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc in New York.
The crude oil draw came as imports slipped 265,000 barrels per day and crude runs at domestic refineries rose 286,000 barrels per day, the API said.
"Most of us were looking for just a slight increase in crude runs, and they were up by 286,000 bpd, so that was surprising," said Andy Lebow, broker at MF Global in New York. "I'd have to say it is probably a bit more bullish than bearish."
The API report comes a day ahead of a separate set of figures from the U.S. Energy Information Administration, which many energy analysts consider more reliable because the government requires oil companies to participate in their survey.
U.S. crude oil prices settled up $1.50 to $41.65 a barrel on Tuesday, but dipped 17 cents to $41.48 in after hours trading following the API report.
The report countered analyst expectations for a crude oil inventory build of 1.2 million barrels.
The API report also showed gasoline stockpiles down 642,000 barrels in the week ended February 27 versus expectations of an 800,000-barrel drop, and distillate stockpiles up 1.6 million barrels versus expectations of a 700,000-barrel drop.
"For the most part the report is neutral, maybe slightly supportive on crude," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc in New York.
The crude oil draw came as imports slipped 265,000 barrels per day and crude runs at domestic refineries rose 286,000 barrels per day, the API said.
"Most of us were looking for just a slight increase in crude runs, and they were up by 286,000 bpd, so that was surprising," said Andy Lebow, broker at MF Global in New York. "I'd have to say it is probably a bit more bullish than bearish."
The API report comes a day ahead of a separate set of figures from the U.S. Energy Information Administration, which many energy analysts consider more reliable because the government requires oil companies to participate in their survey.
U.S. crude oil prices settled up $1.50 to $41.65 a barrel on Tuesday, but dipped 17 cents to $41.48 in after hours trading following the API report.
