U.S. crude oil stocks fell for a second consecutive week following four months of steady gains, even though refiners pared back record seasonal rates and imports jumped, U.S. data showed on Wednesday. Oil prices initially extended gains after the Energy Information Administration (EIA) data, but then quickly pulled off highs, with U.S. crude futures briefly trading in negative territory as analysts struggled to explain a report that seemed to have few bearish qualities. Crude inventories fell 2.2 million barrels in the week to May 8, compared with analysts’ expectations for an increase of 386,000 barrels. Gasoline and distillate inventories also declined. Crude stocks at the Cushing, Oklahoma, delivery hub fell 990,000 barrels, EIA said. “The only bearish element may be the down tick in refinery utilization which may allow crude oil inventories to resume building in future reports,” said John Kilduff, partner, Again Capital LLC in New […]