The Energy Information Administration reported on Wednesday that US crude stocks fell for the seventh straight week as refiners processed near record amounts of crude last week.
Along with the 4.4 million barrel drop in crude inventories, the EIA reported gasoline and distillate inventories also fell.
Crude stocks sat at 516.3 million barrels last week, the smallest since mid-February. Analysts are taking the drop as a sign that the OPEC supply cuts are starting to impact the United States, the world’s largest consumer of oil.
