Foreign news on May 3, data released by the US Energy Information Administration (EIA) on Wednesday showed that US crude oil inventories fell for the third consecutive week last week, and gasoline inventories unexpectedly rose due to weakening demand.
U.S. crude inventories fell by 1.3 million barrels in the week to April 28 to 459.6 million barrels, compared with analysts' expectations for a drop of 1.1 million barrels.
The Strategic Petroleum Reserve fell by 2 million barrels to 364.9 million barrels, falling for the third week in a row to its lowest level since October 1983.
Andrew Lipow, president of Lipow Oil Associates in Houston, said: "In general, crude oil inventories are falling while the United States continues to release strategic petroleum reserves."
Gasoline inventories rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with expectations for a draw of 1.2 million barrels.
Gasoline demand fell sharply, falling 9.4% to 8.6 million bpd ahead of the peak summer driving period.
John Kilduff, a partner at Again Capital llc investment advisory firm, said, "This is *negative* news for the market, because gasoline is starting to look like a bright spot in the crude oil system."
Oil futures extended losses after data showed weak demand for gasoline.
Distillate stockpiles, which include diesel and heating oil, fell by 1.2 million barrels to 110.3 million barrels, the EIA data showed. Analysts had expected a decline of 1.1 million barrels.
Refinery crude oil processing fell by 98,000 barrels per day, and refinery capacity utilization fell 0.6 percentage points to 90.7%.
Crude inventories at Cushing, Oklahoma, the delivery hub, rose by 541,000 barrels, the EIA said.
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