rose by 597,000 barrels in the last week to 470.5 million barrels, compared with analysts' expectations in a Reuters poll for a 600,000 barrel drop.fell by 409,000 barrels in the week to April 7, EIA said.
Stocks of crude oil in the Strategic Petroleum Reserve declined 1.6 million barrels, the first drawdown this year, as part of a congressionally mandated sale of 26 million barrels. Exports of crude oil fell 2.5 million barrels per day , the largest drop on record, to 2.7 million bpd. Net U.S. crude imports"Exports have been responding to the narrowing of the Brent/WTI arbitrage," said Robert Yawger, director of energy futures at Mizuho Securities.
Exports tend to pick up when WTI trades at a more than $6 discount to Brent. It was trading at minus $4.20 on Wednesday.Brent crude gained $1.49 to $87.10 a barrel, while WTI rose $1.52 to $83.06. Gasoline and distillate inventories fell less-than-expected in week to April 7, the Energy Information Administration said on Wednesday.fell by 300,000 barrels in the week to 222.2 million barrels, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel drop., which include diesel and heating oil, fell by 0.6 million barrels in the week to 112.4 million barrels, versus expectations for a 800,000 barrel drop, the EIA data showed.
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