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A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoSummary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterBEIJING, Aug 11 (Reuters) - Oil prices were largely unchanged in Asian morning trade as investors weighed optimistic demand forecasts from the OPEC producer group against mixed economic data in top importer China. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Market sentiment was also lifted by Thursday's U.S. consumer prices data for July, which fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle. However, Teng also noted that "China’s sluggish economic data and the retreat on Wall Street weighs on risk sentiment, and a strengthened USD also pressured commodity prices".

Persons: Dado, Brent, Tina Teng, Teng, Baden Moore, Moore, Stephanie Kelly, Andrew Hayley, Shri Navaratnam, Simon Cameron Organizations: REUTERS, China, U.S, West Texas, CMC Markets, The, of, Petroleum, Thursday's U.S, Federal Reserve, National Australia Bank, bbl, Thomson Locations: China, BEIJING, OPEC, Auckland, June's, Saudi Arabia, Russia, Ukraine, Baden, 2H23, New York, Beijing

Summary OPEC flags healthy oil market fundamentals in second halfUS consumer prices rise moderately in JulyChina tips into deflation as efforts to stoke recovery falterAug 11 (Reuters) - Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth. Brent crude rose 7 cents to settle at $86.47 a barrel at 0017 GMT, while U.S. West Texas Intermediate crude futures gained 12 cents at $82.94 a barrel. The Organization of the Petroleum Exporting Countries said on Thursday it expects world oil demand to rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023. In 2024, "solid" economic growth amid continued improvements in China is expected to boost oil consumption, it added. Also lifting market sentiment, Thursday's U.S. consumer prices data for July fuelled speculation the Federal Reserve is nearing the end of its aggressive rate hike cycle.

Persons: Brent, Stephanie Kelly, Shri Navaratnam Organizations: U.S, West Texas, of, Petroleum, Federal Reserve, Thomson Locations: China, OPEC, Saudi Arabia, Russia, Ukraine, U.S

Phillips declined to make an executive available for comment and both ADM and Phillips 66 declined to comment. TECH LINED UPAxens SA, which provides technology to convert oil and biomass to lower-carbon fuels, in May agreed to provide its ethanol-to-fuels conversion technology to Phillips, ADM or a joint venture. ADM already formed a joint venture in 2021 with top U.S. oil refiner Marathon Petroleum Corp (MPC.N) to churn out renewable diesel from soybeans. Top oilseed processor Bunge (BG.N) and Chevron (CVX.N) last year formed Bunge Chevron Ag Renewables to make renewable fuels from soybeans and canola. As part of one deal, Chevron invested $600 million in the joint venture, helping double processing capacity at two Bunge soybean crushing facilities.

Persons: Nathan Frandino, refiner Phillips, Phillips, Axens, Gevo, Stephanie Kelly, Karl Plume, Jarrett Renshaw, Erwin Seba, Marguerita Choy Organizations: Phillips, American West, REUTERS, Daniels, Midland, ADM, Renewable Fuels Association, TECH, Axens SA, Gevo Inc, Marathon Petroleum Corp, Bunge, Chevron, Bunge Chevron Ag Renewables, Thomson Locations: Rodeo , California, American, U.S, Peoria , Illinois, Columbus , Nebraska, Cedar Rapids , Iowa, Houston, , California, California, Paris, North Dakota, Bunge Chevron, New York, Chicago, Washington

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2023 were $2.17 billion, versus $2.36 billion a year before. That was partially offset by higher revenues from increased volumes on its natural gas liquids, natural gas and crude oil businesses, it said. Enterprise sees natural gas liquids pricing and ethane pricing as constructive in the second half of 2023. During the quarter, the company saw operational records for natural gas pipeline volumes and natural gas liquids fractionation volumes. It brought online new projects including the 400 million cubic feet per day expansion of its Haynesville Extension of the Acadian natural gas pipeline system, and its Poseidon cryogenic natural gas processing plant in the Midland Basin.

Persons: Gary McWilliams, Stephanie Kelly, Jan Harvey, Andrea Ricci Organizations: Enterprise Products Partners, REUTERS, Reuters Connect Companies Enterprise Products, Enterprise, Oil, Thomson Locations: Houston , Texas, U.S, Corpus Christi , Texas, Midland, Chambers County , Texas, Delaware, Texas

Bolstered by supply cuts from the OPEC+ alliance announced earlier this month, both oil benchmarks gained nearly 5% for the week - a fifth straight week of gains. The benchmarks are on track to gain over 13% for the month. In an interview on Friday, Exxon Mobil (XOM.N) chief Darren Woods said he expected record oil demand this year and next. On the supply side, U.S. oil rigs fell by one to 529 this week, their lowest since March 2022, energy services firm Baker Hughes (BKR.O) said on Friday. Saudi Arabia is expected to extend the voluntary oil output cut for another month to include September, five analysts said, to provide additional support for the oil market.

Persons: Brent, Phil Flynn, Jerome Powell's, Tamas Varga, Darren Woods, Baker Hughes, Stephanie Kelly, Natalie Grover, Laura Sanicola, Andrew Hayley, Deepa Babington, Kirsten Donovan Organizations: drillers, U.S . Federal Reserve, European Central Bank, U.S, West Texas, Price Futures, Federal, Exxon Mobil, Thomson Locations: France, Spain, China, OPEC, United States, U.S, Saudi, Saudi Arabia, New York, London, Washington, Beijing

Summary China to step up policy adjustments amid tortuous recoveryPOLL-US crude, product inventories seen down last weekComing up: API data on U.S. crude stocks at 4:30 p.m. ETJuly 25 (Reuters) - Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment. Still, bearish data in the euro zone and U.S. underlined weakness across the global economy. Later on Tuesday, industry data on U.S. crude inventories is expected. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Edward Moya, Jerome Powell, Christine Lagarde, Stephanie Kelly, Shri Navaratnam, Stephen Coates Organizations: U.S, West Texas, Organization of, Petroleum, Energy, OANDA, Fed, European Central Bank, ECB, Reuters, Thomson Locations: China, Russia, OPEC, U.S

Summary Market claws back some of Monday's lossesUS crude, product inventories seen down last weekChina's frail growth raises urgency for policy supportJuly 18 (Reuters) - Oil prices edged higher in early trade on Tuesday after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of U.S. crude supplies. Brent crude gained 11 cents to $78.61 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude rose 15 cents to $74.30 a barrel. Investors awaited industry data later on Tuesday that was expected to show U.S. crude oil stockpiles and product inventories likely fell last week. Still, global supplies could see a boost from the resumption of output at two of three Libyan fields that were shut last week. Output had been halted by a protest against the abduction of a former finance minister.

Persons: Brent, Stephanie Kelly, Sonali Paul Organizations: U.S, West Texas, Energy, Administration, Thomson Locations: U.S

NEW YORK, July 12 (Reuters) - A bipartisan group of U.S. lawmakers introduced legislation this week directing the Biden administration to allow oil refiners to purchase compliance credits for U.S. biofuel blending laws at a lower, fixed cost compared to the open market. The proposal would reduce rising compliance costs associated with the U.S. Renewable Fuel Standard (RFS) and aim to help struggling refineries stay afloat at a time of great flux in the global energy markets, lawmakers said. Oil refiners argue the mandates are pricey, while biofuel proponents like ethanol producers and corn farmers like the obligations because it increases the market for their products. Renewable fuel credits traded at $1.54 each on Tuesday after the bill came out, down from $1.56 prior, traders said. Credits traded on Wednesday between $1.55 and $1.56 each amid U.S. government data release.

Persons: Biden, refiners, ”, Chris Coons, Bob Casey, Brian Fitzpatrick, Joe Biden's, Stephanie Kelly, Susan Heavey Organizations: YORK, U.S . Renewable, Democratic, Republican U.S, Republican, Thomson Locations: U.S

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 27 (Reuters) - Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season. Following the weekend's events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent. The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule. Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors. Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.

Persons: Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez Organizations: Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson Locations: Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S

Companies Tesla Inc FollowNEW YORK, June 23 (Reuters) - A U.S. Democratic lawmaker plans to reintroduce a bipartisan bill next month that would allow electricity generated from renewable biomass to qualify for credits under the nation's biofuel blending program. The new EV pathway would be a major overhaul of that program by expanding it to include stakeholders in the electric vehicle industry. Garamendi originally introduced the bill in 2021, with bipartisan cosponsors including Representative Jack Bergman, a Republican from Michigan, and Representative Mariannette Miller-Meeks, a Republican from Iowa. Groups including the Renewable Fuel Standard Power Coalition, the Biomass Power Association and the American Loggers Council have endorsed the impending bill. The bill would also make biomass removed from federal forestlands eligible under the RFS as renewable biomass.

Persons: Biden, John Garamendi, Garamendi, Jack Bergman, Mariannette Miller, Meeks, Stephanie Kelly, Alistair Bell Organizations: Tesla, U.S, Democratic, U.S . Renewable Fuels, . Environmental Protection Agency, Reuters, Republican, Standard Power Coalition, Biomass Power Association, Thomson Locations: California, Michigan, Iowa

NEW YORK, June 21 (Reuters) - U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. "We're going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. Canadian crude may have been sent toward Cushing as feedstock for a restart of the Toledo refinery, which had a fire last year, said Matt Smith, lead oil analyst for the Americas at Kpler.

Persons: Phil Flynn, Hillary Stevenson, Cushing, Stevenson, Enbridge, Flanagan, John Coleman, Wood Mackenzie, Matt Smith, Stephanie Kelly, Nia Williams, Arathy, Jonathan Oatis Organizations: YORK, Cushing, Price Futures, Energy, IIR Energy, BP, Phillips, North, Americas, Kpler, Thomson Locations: Oklahoma, Canada, Cushing, U.S, Toledo, Ohio, Texas, Wood

[1/2] Choices at the gas pump including ethanol or no ethanol gas are seen in Des Moines, Iowa, U.S., January 29, 2020. The U.S. Environmental Protection Agency plans to finalize biofuel blending volumes at 20.94 billion gallons in 2023, 21.54 billion gallons in 2024 and 22.33 billion gallons in 2025, the sources said. That compares with the initial proposal announced in December of 20.82 billion in 2023, 21.87 billion in 2024, and 22.68 billion in 2025. But the finalized volumes include just 15 billion gallons of conventional biofuels like corn-based ethanol in all three years, plus a 250 million-gallon supplemental amount for 2023, the sources said. Ethanol producers and corn farmers like the mandates because they provide a market for their products, while the oil industry finds the requirements too pricey.

Persons: Brian Snyder, Biden, Emily Skor, Stephanie Kelly, Jarrett Renshaw, Matthew Lewis Organizations: REUTERS, Reuters, The, Environmental Protection Agency, Congress, Growth Energy, EPA, U.S . Renewable, EV, Thomson Locations: Des Moines , Iowa, U.S, The U.S, New York, Philadelphia

U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Capping oil price gains was the prospect of rising interest rates, which could slow economic growth. The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Investors have been closely watching interest rates and commentary from Fed members.

Persons: Brent, Nikolai Shulginov, Shulginov, Baker Hughes, Phil Flynn, Stephanie Kelly, Alex Lawler, Sudarshan, David Goodman, Louise Heavens, David Evans, David Gregorio, Nick Macfie Organizations: bbl Bank of England, . West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Russian Energy, Bank of England, European Central Bank, U.S . Federal, Price Futures, U.S . Commodity Futures Trading Commission, Thomson Locations: Russia, U.S, OPEC, Saudi Arabia, Russian, Iran

Data on Thursday showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. In the United States, data released on Thursday showed retail sales unexpectedly rose in May, along with higher-than-expected jobless claims last week. A weaker dollar makes oil cheaper for holders of other currencies, which could boost demand. Still, a weak economic outlook looms over market sentiment, as China's industrial output and retail sales growth in May missed forecasts. Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

Persons: Edward Moya, OANDA, Stephanie Kelly, Leslie Adler, Jamie Freed Organizations: Brent, U.S, West Texas, Kuwait Petroleum, Organization of, Petroleum, European Central Bank, U.S . Federal Reserve, Thomson Locations: China, Kuwait, United States, Saudi Arabia, New York, Singapore

June 14 (Reuters) - U.S. crude oil stockpiles posted a surprise large build last week, while gasoline and distillate inventories gained more than expected, the Energy Information Administration (EIA) said on Wednesday. Crude inventories (USOILC=ECI) rose by 7.9 million barrels in the week to June 9, the EIA said, compared with analysts' expectations in a Reuters poll for a draw of 510,000 barrels. Meanwhile, refinery crude runs (USOICR=ECI) fell by 61,000 barrels per day (bpd). Brent crude futures traded at $74.26 and U.S. crude was at $69.34 at 10:55 a.m. EDT. Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI) rose by 1.6 million barrels last week, the EIA said, to the highest since June 2021.

Persons: Matt Smith, Cushing, Andrew Lipow, Stephanie Kelly, Mark Potter, Mark Porter, Jonathan Oatis Organizations: Energy Information Administration, EIA, Americas, Brent, Cushing, Lipow Oil Associates, Thomson Locations: Kpler, Oklahoma, Houston

NEW YORK, June 13 (Reuters) - The U.S. Environmental Protection Agency is expected to release a final rule on biofuel blending volume mandates for the years 2023-2025 by June 21, after seeking a one-week extension on a deadline for the rule, according to a court document on Tuesday. The EPA was set to issue a final rule by Wednesday under a court-ordered deadline, but has agreed to an extension with industry trade group Growth Energy, the filing showed. The final rule is set to mark a new chapter of the Renewable Fuel Standard (RFS) program, which is more than a decade old. The EPA is expected to abandon that part of the proposal in the final rule, Reuters previously reported, citing sources. It is unclear whether those requirements will change in the final rule.

Persons: Stephanie Kelly, Jarrett Renshaw, Paul Simao, Barbara Lewis Organizations: YORK, Environmental Protection Agency, EPA, Growth Energy, Reuters, U.S, District of Columbia, Renewable, Thomson

An uptick in economic activity from China and with it fuel demand could quickly change sentiment in the market, he said. "I could paint the picture this could turn around quite quickly," Parfitt said. NATURAL GASThe natural gas market has tightened since the Ukraine war started because Russia shut in some production when it lost European buyers due to sanctions and damage to pipelines. Chevron sees Europe as a strong market for short- to medium-term gas demand as Europe seeks to substitute Russian supply, he said. Chevron is a big natural gas producer, and pumps more than half its output from the United States and Australia.

Persons: You've, Colin Parfitt, midstream, Parfitt, " Parfitt, I'm, Stephanie Kelly, Simon Webb, Deepa Babington Organizations: YORK, Chevron, Reuters, Brent, Thomson Locations: China, Saudi, Saudi Arabia, Ukraine, Russia, Europe, Asia, United States, Australia

NEW YORK, June 6 (Reuters) - The Biden administration will abandon a scheme to include the electric vehicle industry in the nation's biofuel blending program and will remove nearly 2 billion credits the ambitious expansion was expected to generate in a final rule set to be released later this month, three sources familiar with the matter told Reuters. The EV program would have been a boost to President Joe Biden's goal of electrifying the motor vehicle industry to fight climate change. The White House declined to comment, and the Environmental Protection Agency, which administers the RFS, did not respond to requests for comment. The White House is currently reviewing a final rule on biofuel blending mandates for the years 2023, 2024 and 2025. Reporting by Stephanie Kelly and Jarrett RenshawOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, Joe Biden's, Stephanie Kelly, Jarrett Renshaw Organizations: YORK, Reuters, U.S . Renewable, Tesla Inc, Environmental Protection Agency, Thomson

The higher crude output came as production in Texas rose 1.8% to 5.398 million bpd, also its highest since March 2020, the EIA data showed. Consumption of crude oil has ticked higher since the pandemic, and after Russia's invasion of Ukraine caused a global reshuffling of oil and its products. Production in North Dakota fell 2.9% to 1.095 million bpd, the lowest since January. In New Mexico, output gained 1.2% to a record high 1.824 million bpd. Meanwhile, U.S. product supplied of crude and petroleum products - a proxy for demand - rose to 20.449 million bpd, the highest since November 2022, EIA data showed.

Persons: Stephanie Kelly, Scott DiSavino, Marguerita Choy Organizations: YORK, Energy, Thomson Locations: Texas, Ukraine, North Dakota, New Mexico

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

SummarySummary Companies Biden, McCarthy push forward towards deal on US debt ceilingU.S. rate hike prospect weighs on oil pricesMay 18 (Reuters) - Oil prices fell in early Asian trade on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging nearly 3% in the previous session on optimism over U.S. fuel demand. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. On Thursday, investors were "awaiting further evidence that a deal will happen soon," said Edward Moya, an analyst at OANDA. Also weighing on prices was the increased probability of an interest rate hike by the U.S. Federal Reserve. After a months-long standoff, Biden and McCarthy on Tuesday agreed to negotiate directly.

Summary Oil prices lower after climbing nearly 3% in previous sessionUS crude stockpiles soar on SPR release - EIABiden, McCarthy push forward towards deal on US debt ceilingMay 18 (Reuters) - Oil prices edged lower on Thursday, easing on concerns over plentiful supply after surging nearly 3% during the previous session. Both benchmarks rose nearly 3% on Wednesday on optimism over oil demand and U.S. debt ceiling negotiations. Weighing on prices, U.S. oil inventories jumped unexpectedly last week due to another release from the Strategic Petroleum Reserve. Crude inventories (USOILC=ECI) rose by 5 million barrels in the week to May 12 to 467.6 million barrels, compared with analysts' expectations in a Reuters poll for a 900,000-barrel drop. Investors are watching developments around U.S. debt ceiling negotiations.

The revision does not affect the EIA's historical estimated crude oil production in the Permian because "operators had already submitted their crude oil production to states," the EIA said. It estimates Permian crude oil production in 2022 averaged 5.3 million barrels per day (bpd). The EIA's updated count puts its Permian shale basin DUC well count at year-end 2022 at 1,069, up from 843 wells previously. As of April, the EIA estimates 910 DUC wells in the Permian. The EIA also increased its estimate of 2022 well completions in the Permian to 5,704 wells from 5,328 wells completed.

SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release. Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) rose by 1.5 million barrels last week, the EIA said. Brent and U.S. crude futures were trading just over 0.2% higher at $75.11 per barrel and $71.05 per barrel, respectively, by 10:39 a.m. Gasoline stocks (USOILG=ECI) fell by 1.4 million barrels in the week to 218.3 million barrels, the EIA said, compared with analysts' forecasts for a 1.1 million-barrel drop. U.S. crude oil imports rose 24% to 6.9 million barrels, while exports also climbed nearly 50% to 4.3 millions barrels.

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