U.S. crude stocks plunged more than forecast in the latest week, while gasoline inventories decreased unexpectedly and distillate stocks built, industry group the American Petroleum Institute said Tuesday.
Crude inventories fell by 8.1 million barrels in the week to July 7 to 495.6 million, compared with analysts' expectations for a decrease of 2.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2 million barrels, API said.
U.S. crude oil futures rose about 45 cents per barrel to $45.59 a barrel immediately after the data was released.
Refinery crude runs fell by 19,000 barrels per day, API data showed.
Gasoline stocks fell by 801,000 barrels, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel gain.
Distillate fuels stockpiles, which include diesel and heating oil, rose by 2.1 million barrels, compared with expectations for a 1.1 million-barrel gain, the API data showed.
U.S. crude imports fell last week by 288,000 barrels per day to 7.6 million bpd.