US Oil Inventories Drop as Exports Climb, but Weak Gasoline Demand Weighs on Prices

U.S. crude oil stockpiles fell last week to their lowest this year on strong export demand.

Gasoline inventories rose much more than expected last week due to weak demand.

Crude exports climbed while net crude imports fell, according to EIA data.

Refinery crude runs and utilization rates fell last week amid seasonal maintenance.

Oil prices fell after the EIA data over worries about weak gasoline demand and a build in Cushing stocks.