US crude oil stocks fall

Business Business: Crude stocks fell last week as refining activity increased, leading to a rise in gasoline and distillate inventories, according to the EIA. Crude stocks fell by 3.6 million barrels in the week ended June 6, leaving total stocks at 432.4 million barrels.

The EIA reported that crude stocks at the delivery hub in Cushing, Oklahoma, decreased by 403,000 barrels. Refining activity increased by 228,000 barrels per day and the refinery utilization rate increased by 0.9 percentage points to 94.3 percent. In addition, US gasoline stocks rose by 1.5 million barrels, while distillate stocks rose by 1.2 million barrels.