EIA: US crude inventories fell sharply last week

According to the latest report from the Energy Information Agency (EIA), the commercial crude stocks in the US fell 4.8 million barrels in the week ending 4 February 2022, to 410.4 million barrels. 

US gasoline stocks fell 1.6 million barrels during the week to 248.4 million barrels.

Refinery utilization rates rose 1.5% to 88.2% during the week.

Industry experts said that the mild softness in demand observed in January was due to the Omicron impact, however, the economy has returned back on the recovery track now.