Crude inventories fell last week despite expectations of some analysts that storage levels would increase again. Gasoline stockpiles also defied expectations and declined ahead of the busy summer travel season, according to government data released Wednesday.
For the week ended May 8 crude inventories fell by 4.7 million barrels, or 1.3 percent, to 370.6 million barrels, which is 17.6 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.
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