U.S. crude oil stockpiles rose last week for a seventh straight week but less than forecast, while gasoline inventories fell far more than expected as refineries cut output, the Energy Information Administration (EIA) said Feb. 23.Crude inventories rose 564,000 barrels (bbl) in the week to Feb. 17, compared with analysts’ expectations for an increase of 3.5 MMbbl, in spite of a 1.4 MMbbl/d slump in imports.Oil prices initially rose on the data that bullishly showed hefty product drawdowns and a sharp 1.5 MMbbl drop in crude stocks at the Cushing, Okla., delivery hub for U.S. crude futures.
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