Crude oil futures again settled near one-year highs Feb. 3 on the back of falling US inventories and improved demand outlooks. Not registered? NYMEX March WTI settled 93 cents higher at $55.69/b, and ICE April Brent climbed $1 to $58.46/b. US commercial crude stocks fell 990,000 barrels to 475.57 million barrels in the week ended Jan. 29, US Energy Information Administration data reported Feb. 3. The draw was well under market expectations; however, the counter-seasonal decline was concentrated at the NYMEX delivery point of Cushing, Oklahoma, and left nationwide inventories less than 5% above the five-year average, the narrowest supply overhang since the week ended April 3. ANALYSIS: Counter-seasonal US crude draw […]