(RTTNews) - Crude oil inventories in the U.S. unexpectedly moved down during the week ended August 19, official data showed Wednesday. The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 2.20 million barrels to 351.80 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories increased by 4.20 million barrels to 354.00 million barrels.
Meanwhile, total motor gasoline inventories moved up by 1.40 million barrels last week, after dipping by 3.50 million barrels in the prior week, and are in the upper limit of the average range.
Analysts were expecting crude oil inventories to move up by 1.75 million barrels last week.
Late Tuesday, data from the API revealed that U.S. crude oil inventories dipped by 3.30 million barrels and gasoline stocks were up by 6.37 million barrels in the week ended August 19.
Oil refinery inputs averaged 15.70 million barrels per day during the week, which were 244,000 barrels per day above the previous week's average as refineries operated at 90.30 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged nearly 8.80 million barrels per day last week, down by 477,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged nearly 9.10 million barrels per day, which were 546,000 barrels per day below the same four-week period last year.
Light Sweet Crude Oil (WTI) futures for October delivery are adding $0.25 to $85.69 a barrel.
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