04:02 PM EDT, 07/24/2024 (MT Newswires) -- Commercial crude stockpiles in the US fell more than forecast last week, with gasoline posting a sizable draw, government data showed Wednesday.

Inventories of crude, excluding the strategic petroleum reserve, declined by 3.7 million barrels to 436.5 million barrels through the week ended July 19, the Energy Information Administration said. The consensus was for a 2.8 million-barrel decrease, according to a Bloomberg poll.

Total motor gasoline stocks dropped by 5.6 million barrels week to week while distillate fuel fell 2.8 million barrels. Propane and propylene stocks added 1.8 million barrels and were 15% above the five-year average for this time of year, the EIA said. Total commercial petroleum inventories were down 4.6 million barrels last week.

Crude-oil refinery inputs averaged 16.4 million barrels per day, which was 521,000 barrels less than the previous week's average. Refineries operated at 91.6% of their capacity last week, down from 93.7% the week before. Crude stocks were about 5% below the five-year average for this time of year.

Gasoline production increased to 10.2 million barrels per day from 9.5 million barrels week to week. Distillate fuel output declined to 4.9 million barrels per day last week from 5.2 million barrels the seven days prior, EIA data showed.

West Texas Intermediate futures edged up 0.7% to $77.63 per barrel in afternoon trade, while Brent was up 0.8% at $81.69 per barrel. On Tuesday, Brent settled 1.7% lower at the weakest level since early June, ING wrote in a Wednesday note.

Sentiment has been weighed down by weak economic data out of China and supply risks related to wildfires in Canada, according to the Australia and New Zealand Banking Group.

"Supply disruptions have risen," ANZ said in a Wednesday note. With prices under pressure, the Organization of the Petroleum Exporting Countries may "reconsider its plans" to start phasing out members' voluntary cuts, ANZ wrote.