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U.S. crude oil inventories dropped by 4.5 million barrels at the end of August to 424.5 million barrels, surpassing expectations which had indicated a decrease of 1.1 million barrels. Gasoline inventories also declined by 1.2 million barrels to reach 205.7 million, while distillate inventories increased by 0.8 million barrels to 104.2 million. The rise in refinery consumption by 103,000 barrels per day and increased operating rates boosted oil demand. This resulted in a decrease in U.S. crude oil imports by 79,000 barrels per day during the week.
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