WTI Crude Climbs to Five-Week High on U.S. Supply Drop
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West Texas Intermediate oil climbed to a five-week high after U.S. crude inventories tumbled. Brent approached $111 a barrel.
Futures capped a third weekly gain in New York. U.S. crude supplies dropped 7.23 million barrels in the seven days ended May 16, the Energy Information Administration said May 21. Stockpiles at Cushing, Oklahoma, the delivery point for WTI, fell to 23.4 million barrels last week, the least since December 2008. Prices also advanced as violence flared ahead of Ukraine’s May 25 presidential election and unrest continued in Libya.