Oil Gains as Libyan Crude Drop Offsets What OPEC Curbs Couldn't
- Gasoline stockpiles slip 3.75 million barrels last week: EIA
- Refinery crude demand rose 425,000 b/d, most since June 2014
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Crude capped a second-straight day of gains for the first time in more than a month after U.S. gasoline stockpiles fell more than estimated.
Gasoline supplies dropped 3.75 million barrels last week, according to a U.S. Energy Information Administration report Wednesday. A 2 million-barrel decline was forecast by analysts surveyed by Bloomberg. Crude stockpiles climbed by a less-than-anticipated 867,000 barrels to 534 million, the highest in weekly data going back to 1982. Refineries boosted the amount of crude they processed by the most in almost three years.