By David Gaffen
July 27 (Reuters) – U.S. crude oil stockpiles fell last week, driven by a surge in exports to an all-time high due to the big discount for U.S. crude when compared with international benchmark Brent.
Crude inventories dropped 4.5 million barrels to 422.1 million barrels in the week ended July 22, compared with analysts’ expectations in a Reuters poll for a 1 million-barrel drop, the U.S.Energy Information Administration said on Wednesday.
The decline was in large part the result of a surge in crude exports to a record 4.5 million barrels per day in the latest week.
The spread, or Entertainment News arbitrage between Brent and The Breaking News U.S. West Texas Intermediate crude futures has widened out to more than $9 a barrel, Regional News making it more attractive for U.