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US oil stocks drop at steepest rate in nearly 12 years: EIA

crude3423NEW YORK: US crude oil stockpiles recorded the largest weekly drop since February 2001 last week, falling by 11.12 million barrels as oil companies depleted their inventories for year-end tax purposes, data from the US Energy Information Administration (EIA) showed on Friday.


Gulf Coast oil stocks fell by 10.3 million barrels, leading to the nationwide drop.


Net imports of crude oil into the United States fell to 7.05 million barrels per day (bpd) last week, the lowest level on EIA records going back to November 2001.


Meanwhile, crude stocks at the Cushing, Oklahoma oil hub rose to their highest level on record at 49.75 million barrels, EIA data showed.


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