EIA: US crude inventories drop unexpectedly

The Energy Information Administration released its report US crude stocks, showing a drawdown of 2.6 million barrels in the week ending March 16, compared to a 5 million buildup in the previous reading, while analysts expected a 2.6M increase, with total stocks now down to 428.3 million barrels, remaining within the medium range on average in this time of year. 

Gasoline stocks fell 1.7 million barrels, while distillate stocks, including heating fuel, fell 2 million barrels, remaining within the medium range on average in this time of year.