U.S. crude stocks drop sharply as refiners pick up activity, EIA says

U.S. crude stocks fell by more than 5 million barrels in the most recent week, while fuel stocks rose as refiners boosted output to deal with high demand and low inventories.

Crude inventories fell by 5.4 million barrels in the week ended Nov. 11 to 435.4 million barrels, the U.S. Energy Information Administration said on Wednesday, compared with expectations in a Reuters poll for a 440,000-barrel drop.