U.S. crude oil stockpiles dropped sharply last week as refineries boosted operations to their highest since January 2020, signalling continued improvement in demand, the Energy Information Administration said on Wednesday. Analysts said the 7.4 million-barrel drawdown in crude stocks (USOILC=ECI) in the week to June 11 to 466.7 million barrels, the fourth consecutive weekly decline, augurs for improved demand in coming weeks. Net U.S. crude imports (USOICI=ECI) fell last week by 845,000 barrels per day, EIA said, driven by rising exports of nearly 1 million bpd. Both exports and product supplied by domestic refiners increased sharply as consumer activity rebounds from 2020’s coronavirus-induced weakness. “There is a lot of new optimism about demand and I anticipate this will continue into […]