US crude falls 3% after jump in US gasoline stocks

Oil prices fell on Wednesday after US inventory data while traders continues to assess the Chinese situation. 

The Energy Information Administration reported a drop of 5.2 million barrels in US crude stocks to 413.9 million barrels last week, while analysts expected a drop of 3.5 million barrels. 

However, gasoline stocks rose 5.3 million barrels to 219.1 million barrels, while distillate stocks rose 6.2 million barrels to 118.8 million barrels. 

The Chinese government announced an easing of Covid 19 restrictions amid hopes of improving economic outlook, however data showed Chinese exports hit April lows. 

US crude futures due in January fell 3.2% to $71.8 a barrel as of 19:19 GMT.

Brent February futures fell 2.9% to $77.05 a barrel.