U.S. crude oil stockpiles drop amid Barry, fuel posts large builds

Crude Oil Price Triangle Breakdown Could Give Pause to USD  CAD

West Texas Intermediate crude futures were up by 12 cents, or 0.2%, at $57.68 by 0636 GMT, having fallen 3.3% on Tuesday.

Refinery crude runs fell by 171,000 barrels per day, EIA data showed.

A larger than expected crude inventory drawdown offset by large builds in refined product inventories led to crude prices on Wednesday falling over 1 percent, extending a 3 percent-plus drop in prices in the previous session.

Crude and gasoline futures turned lower after the report.

"Gasoline consumption is painfully weak given US consumers are in peak driving season", he said.

More than half the daily crude production in the US Gulf of Mexico remained offline on Tuesday in the wake of Hurricane Barry, the US drilling regulator said, as most oil companies were re-staffing facilities to resume production.

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Late Tuesday, the API reported a smaller-than-expected crude oil inventory draw of 1.401 million barrels for the week-ending July 11, compared to analyst expectations of a 2.69-million barrel draw.

Gasoline stocks also fell, declining by 476,000 barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel decline. Distillate stockpiles USOILD=ECI grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed.

Oil prices moved into negative country late morning Wednesday after plummeting more than 3% in the previous session, weighed down by US government data that showed large builds in refined product stockpiles.

Analysts at PVM Oil Associates wrote, "It is hard to believe that either the United States or the Iranian stance would change drastically, therefore yesterday's sell-off might turn out to be an excellent buying opportunity". US offshore oil production remained cut by 58 percent on Tuesday.

According to data released by EIA earlier in the day, crude inventories in the USA dropped by 3.1 million barrels last week, against expectations for a drop of about 2.7 million barrels.

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