US crude, fuel stocks fall on stronger demand from refineries, consumers: EIA

HOUSTON, Feb 20 (Reuters): US crude, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday, as demand rose from refineries to the fuel pump. Crude inventories fell by 9 million barrels to 419.8 million barrels in the week ended February 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.1-million-barrel rise.

Crude stocks at the Cushing, Oklahoma, delivery hub (USOICC=ECI), fell by 1.1 million barrels, the EIA said.

US and Brent crude futures both spiked after the data showed the surprise drop in US crude stocks. They were last trading up about 2 per cent.

"Support for oil prices came from a very bullish EIA report, showing massive draws across the board and stronger US oil demand," said Giovanni Staunovo, commodity analyst at UBS.

Total product supplied, a proxy for demand, rose by 540,000 barrels per day to 21.65 million bpd.