U.S. crude stockpiles drop unexpectedly, demand hits record high

U.S. crude oil stockpiles fell unexpectedly last week as overall refined product demand reached an all-time record, according to government data on Wednesday, showing how the U.S. economic pace is cutting into the market’s already tight supply.

Crude inventories (USOILC=ECI) fell 4.8 million barrels in the week to Feb. 4 to 410.4 million barrels, their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts had forecast in a Reuters poll a 369,000-barrel rise.

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