U.S. crude inventories surged last week as refineries cut output, while gasoline and distillate stocks fell, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 8.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.8 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 716,000 barrels, EIA said. Refinery crude runs fell by 233,000 barrels per day, EIA data showed. Gasoline stocks fell by 4 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2-million barrel drop. Distillate ... (full story)