US crude stocks lower

US crude stocks fell more than expected last week led by a sharp drop in West Coast crude inventories as imports dipped, the American Petroleum Institute has said . Crude inventories fell by 6 million barrels in the week to Aug. 17, compared with analysts’ expectations for a 400,000-barrel drawdown. Weekly imports fell by 1.2 million barrels-per-day (bpd) to 8.17 million bpd. Distillate stocks also logged a surprise drawdown, falling by 1 million barrels in the latest week. Analysts had expected a 1 million-barrel build. Gasoline stocks rose by 869,000 barrels, contrary to forecasts for a 700,000-barrel draw. The fall in crude inventories came despite a drop in U.S. refinery run rates, which fell by 0.5 percentage point to 92.1 percent last week.