US oil imports, product stockpiles fall in latest week

US crude oil inventories slipped during the latest reference week as imports fell back, government data revealed.

Commercial stockpiles of oil in the States dipped by 200,000 barrels over the week ending on 10 March, according to the Energy Information Administration, the Department of Energy's statistical arm.

That came as imports fell to an average level of 7.4m a day during the week.

Refineries operated at 85.1% of their capacity in that week.

As for product inventories, total motor gasoline stockpiles decreased by 3.1m barrels last week while those of distillate fuels fell by 4.2m barrels.

By 1721 GMT front month West Texas Intermediate crude oil futures were up by 1.69% to $48.54 per barrel on the ICE.