⁍ U.S. crude oil stockpiles fell sharply last week as refining rates hit their highest since March.

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⁍ Gasoline stocks rose unexpectedly by 419,000 barrels in the week to 247.8 million barrels.

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⁍ Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels versus expectations fora 279,000-barrel rise.

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– US crude oil inventories fell by 7.4 million barrels in the week ending July 31, the Energy Information Administration said Wednesday, compared with analysts’ expectations of a 3 million-barrel drop. Refinery utilization rates rose 0.1 percentage point to 79.6% of total capacity, their highest level since late March as the US economy slowly recovers from the initial wave of the coronavirus pandemic, per Reuters. Refinery crude runs rose by 42,000 barrels per day, the EIA said. US crude gained 4% to $43.40 a barrel as of 10:51am ET, while Brent rose 3.6%, or $1.60, to $46.03 a barrel. US gasoline stocks rose unexpectedly by 419,000 barrels in the week to 247.8 million barrels. They had been forecast to drop by 170,000 barrels. “Gasoline was the second build in two weeks, that’s not good. Distillate was up to a 38-year high, so that continues to build,” said Bob Yawger, director of crude futures at Mizuho in New York.