The American Petroleum Institute said late Wednesday reported a larger-than-expected drop in crude oil inventories last week of 7.4 million barrels, compared to a 1.7 million barrels decline seen.
The estimates followed last week’s build of 4.20 million barrels that was the fifth draw in the last seven weeks. More closely-watched official figures from the U.S. Department of Energy are due on Thursday.
Gasoline supplies rose 4.3 million barrels, while distillate stocks jumped 5.2 million barrels and supplies at Cushing, Oklahoma, rose by 500,000 barrels.