US oil inventories fall sharply as refineries ramp-up production

US crude oil inventories dropped sharply sharply last week, albeit alongside big increases in product stockpiles as refineries ramped-up production.

Stockpiles fell by 7.4m barrels a day to reach 424.5m, according to the Energy Information Administration, the US Department of Energy's statistical arm.

However, in parallel those of gasoline jumped by 4.8m barrels and those of distillate fuel by 8.9m b/d.

Oil imports also slipped, dipping by 27,000 b/d from the prior week, offset by a 28,000 b/d increased in domestic US oil output to hit 9.782m.

Refineries operated at 96.7% of capacity last week, the DoE said.

In reaction to the above, as of 1702 GMT West Texas Intermediate futures were up by 0.63% to $62.02 per barrel on the NYMEX.