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Jan 27 (Reuters) – U.S. crude oil stocks fell nearly 10 million barrels last week to their lowest level since March, the Energy Information Administration said Wednesday.
The unexpected fall of 9.9 million barrels, the largest drawdown since July, reduced crude investments to 476.7 million barrels, according to EIA figures. Analysts expected in a Reuters poll for a 430,000-barrel increase.
The decline came as a result of a sharp drop in imports and the withdrawal of 2.3 million barrels in stocks at Cushing’s delivery center, Oklahoma, for crude futures.
U.S. crude imports fell 2.1 million barrels per day, the EIA said.
Prices on the news, with U.S. crude rose 35 cents, or 0.7%, to $ 52.95 a barrel, while Brent gained 0.5% to $ 56.20 a barrel before 10:44m EST (1544 GMT).
“Today’s investment figures are a huge draw and should support us. Gasoline demand fell slightly so it was a disappointment, ”said Phil Flynn, senior analyst at Price Futures Group.
Crude refinery run fell 39,000 bpd, while brewing consumption levels fell 0.8 percentage points last week, the EIA said.
U.S. gasoline stock rose 2.5 million barrels to 247.7 million barrels, the EIA said, compared to expectations for a 1.8 million-barrel increase.
Distillate stocks, which include diesel and heating oil, fell 815,000 barrels per week, compared to the expected 361,000-barrel fall. (Reporting by David Gaffen and Laila Kearney Edited by Marguerita Choy)