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NEW YORK, May 12 (Reuters) - U.S. crude oil stockpiles dropped last week and exports fell to their lowest since 2018, while gasoline inventories rose unexpectedly and distillate hit their lowest levels in more than a year, the Energy Information Administration said on Wednesday.
Crude inventories fell by 427,000 barrels in the week to May 7 to 484.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.8 million-barrel drop. East Coast stockpiles fell to the lowest on record, according to the data.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 421,000 barrels last week, the EIA said.