Weekly Crude report

From MarketWatch NEW YORK (MarketWatch) -- U.S. crude inventories fell more than expected last week, the Energy Information Administration reported Wednesday, but total stockpiles of gasoline, diesel, and other petroleum products rose for a 16th straight week to an 11-year high. Crude inventories fell by 2.8 million barrels in the week ended July 10, the EIA said. Analysts surveyed by Platts had expected a decline of 2.1 million barrels. Gasoline stockpiles rose 1.5 million barrels and distillate inventories gained 600,000 barrels, the EIA said. Analysts had expected a rise of 750,000 in gasoline stockpiles and a 1.6 million barrels increase in distillates. Total petroleum product inventories rose to 771.5 million barrels, the highest level since September, 1998. After the data, August crude futures rose $1.18, or 2%, to $60.70 a barrel.