U.S. crude oil stocks fell 531,000 bbls in the week to March 10 - API

According to the latest report published by the American Petroleum Institute on Tuesday, crude inventories fell by 531,000 barrels in the week to March 10 to 529.1 million, compared with analysts' expectations for an increase of 3.7 million barrels.

Further details of the report showed refinery crude runs fell by 227,000 barrels per day while gasoline stocks fell by 3.9 million barrels, compared with analysts' expectations in a Reuters poll for a 2 million-barrel decline. Additionally, distillate fuels stockpiles, which include diesel and heating oil, fell by 4.1 million barrels, compared with expectations for a 1.7 million-barrel drop.

U.S. crude imports fell last week by 1.1 million barrels per day to 7.3 million bpd.