Crude Climbs the Most This Year as U.S. Gasoline Supplies Tumble
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West Texas Intermediate crude jumped the most this year as a government report showed that U.S. gasoline stockpiles tumbled while oil inventories rose less than analysts estimated.
Futures advanced 2.5 percent after the Energy Information Administration said gasoline supplies fell 3.93 million barrels last week to 217.8 million in the biggest drop in a year. Demand gained and refineries cut operating rates. Crude in storage climbed 947,000 barrels to 388.6 million, below the 2 million-barrel projection in a Bloomberg survey of analysts. Brent oil’s premium to WTI in New York narrowed to the smallest level since January 2012.