WTI little changed despite big drop in weekly US oil stockpiles

US crude oil stockpiles fell last week as refineries ramped up production and imports declined.

During the week ending 4 August, commercial US crude oil inventories fell by 6.5m barrels from the previous week to reach 475.4m, according to the Energy Information Administration, the US Department of Energy´s statistical arm.

In parallel, gasoline stockpiles increased by 3.4m barrels, while those of distillates decreased by 1.7m barrels.

Imports averaged 7.8m barrels per day during the reference week, down by 491,000 barrels per day from the previous week.

Meanwhile, refineries operated at 96.3% of their capacity.

Domestic US oil output slipped by 7,000 b/d to 9.43m b/d, the DoE said.

As of 16:15 BST front month West Texas Intermediate crude oil futures were 0.02% higher to $49.18 per barrel on the ICE.