U.S. OIL STOCKPILES FALL WHILE GAS INVENTORIES SURGE

U.S. crude oil stockpiles fell while gasoline inventories jumped unexpectedly, the Energy Information Administration said on Wednesday. The crude draw, along with a rise in refining output, points to demand recovery, analysts said. Crude inventories fell by 994,000 barrels in the week to Jan. 29 to 475.7 million barrels, their lowest since March. “The oil market continues to look for better days ahead with an increasing rollout of the (coronavirus) vaccine, encouraging demand, while OPEC+ continues to restrain production, causing worldwide inventories to decline,” said Andrew Lipow, president of Lipow Oil Associates in Houston. U.S. gasoline stocks rose by 4.5 million barrels in the week to 252.2 million barrels, compared with analysts' expectations for a 1.1 million-barrel rise.