USA: Crude Oil Inventories Fall More than Expected.

US crude inventories fell by 7.167 million barrels to 404.5 million barrels in the week ended July 24, compared with market expectations for a 1.3 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 771 thousand barrels in the week. Refinery crude runs rose by 271 thousand barrels per day. Refinery utilization rates rose by 1.1 percentage points in the week to 97.2%. Gasoline stocks rose by 7 thousand barrels to 211.3 million barrels, compared with expectations for a 715 thousand-barrel draw. Distillate stockpiles, which include diesel and heating oil, rose by 1.062 million barrels in the week to 110.6 million barrels, versus expectations for a 146 thousand-barrel rise. Net US crude imports fell by 237 thousand barrels per day.