U.S. crude stocks rose last week to a seasonal record high for the seventh straight week as refineries cut output, while refined product inventories fell with distillates at seasonal record low levels, data from the Energy Information Administration showed on Wednesday. Crude inventories rose 8.4 million barrels in the week to Feb. 20, double analysts’ expectations for a 4 million-barrel rise, to 434.1 million barrels, their highest for the time of year since records began 80 years ago, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose 2.4 million barrels, EIA said. U.S. crude futures extended losses after the data but by 11:27 a.m., were up about 1 percent at $49.75 a barrel. “The report is relatively bullish, despite the large crude oil inventory build,” said John Kilduff, partner at Again Capital LLC in New York. “The drawdowns […]