U.S. crude inventories fell to lowest since Oct 2018 EIA
Overall product supplied hit record 21.9 mln bpd last month EIA
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SINGAPORE, Feb 10 Reuters Oil prices fell on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.Iran nuclear talks that could add crude supplies quickly to global markets.

Brent crude futures slid 28 cents, or 0.3, to 91.27 a barrel at 0714 GMT, while U.S. West Texas Intermediate crude was at 89.47 a barrel, down 19 cents.

Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multiyear lows.

U.S. crude inventories fell 4.8 million barrels in the week to Feb. 4, dropping to 410.4 million barrels their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts in a Reuters poll had forecast a 369,000barrel rise. 

U.S. product supplied the best proxy for demand peaked at 21.9 million barrels per day bpd over the past four weeks due to strong economic activity nationwide, EIA data showed.

We are seeing some consolidation after a fairly constructive EIA report, said Warren Patterson, ING39;s head of commodities research.

However, investors are closely watching the outcome of U.S.Iran nuclear talks which resumed this week. A…