Commercial crude-oil stocks dropped sharply last week, with prices falling by 3.3 million barrels as markets reacted to heightened refining activity. The U.S. Energy Information Administration reported inventory levels dipping for a fifth straight week, while gasoline stocks trailed for 15 weeks. Analysts cited increased capacity use and ongoing Middle East supply concerns as key drivers.

This decline signals strong demand but also underscores the volatility in oil markets, impacting investors and energy firms alike. The sector’s tightening balance highlights the complex interplay between supply and demand in the current economic climate.