WTI futures dip even as US weekly crude oil stocks fall

US oil inventories fell sharply last week, amid sharp drops in product stocks as imports flatlined and refineries continued to increase their production.

Commercial crude oil inventories fell by 2.2m barrels during the week ending on 7 April to reach 533.4m barrels, while those of gasoline fell by 3.0m barrels and those of distillates by another 2.2m, according to the Energy Information Administration.

Meanwhile, imports increased by 28,000 barrels per day to 7.9m b/d, the US Department of Energy's statistical arm also said.

The degree of refinery capacity use rose to 91.0%.

As of 1545 GMT West Texas Intermediate crude oil futures are down by 0.2% to $53.30 a barrel on NYMEX.