04:02 PM EDT, 09/25/2024 (MT Newswires) -- Commercial crude stockpiles in the US posted a bigger draw than expected last week, with distillate fuel and motor gasoline inventories declining, government data showed Wednesday.

Inventories of crude, excluding the strategic petroleum reserve, dropped by 4.5 million barrels to 413 million barrels through the week ended Friday, the Energy Information Administration said. The consensus was for a decline of 1.4 million barrels, according to a Bloomberg poll. Inventories were 5% below the five-year average for this time of year.

Distillate fuel stocks decreased by 2.2 million barrels last week while total motor gasoline and propane/propylene inventories each slid by 1.5 million barrels. Total commercial petroleum inventories fell 14.6 million barrels last week, the EIA's data showed.

Crude-oil refinery inputs averaged 16.4 million barrels per day, which was 124,000 barrels less than the previous week's average. Refineries operated at 90.9% of their capacity, down from 92.1% the week prior.

Distillate fuel output dipped to 4.9 million barrels per day from 5.1 million barrels week to week. Gasoline production rose to 9.8 million barrels per day from 9.7 million barrels the week prior.

West Texas Intermediate crude oil fell 2.6% to $69.68 a barrel by Wednesday afternoon. Brent was down 2% at $72.95. Both have failed to break above key levels despite a drop in crude stockpiles reported by the American Petroleum Institute, escalating tensions in the Middle East, and China stimulus measures, Saxo Bank said in a Wednesday note.

The Organization of the Petroleum Exporting Countries on Tuesday estimated that global oil consumption will likely rise to 112.3 million barrels per day in 2029 and to 120.1 million barrels per day by 2050, versus 102.2 million barrels per day in 2023, according to an ING note.

The OPEC expects US crude oil supply to peak by 2030 and then decline gradually as shale oil production falls, ING said.