Crude Rises as Cushing Supply Drop Overshadows U.S. Increase
- Oil returns to bull market after 22 percent gain from Jan. 20
- U.S. supply rose 8.38 million barrels, Cushing fell 771,000
Oil Declines as U.S. Stockpiles Increase
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Oil climbed after a drop in stockpiles at the biggest U.S. storage hub overshadowed an increase in nationwide crude inventories to the highest level since 1930.
West Texas Intermediate oil rose more than 20 percent from the low-point in the downturn earlier this month, meeting the common bull market definition. Supplies at Cushing, Oklahoma, the delivery point for WTI, fell by 771,000 barrels to 63.4 million last week, the first decline since October, Energy Information Administration data show. The industry-funded American Petroleum Institute reported a 660,000-barrel drop Tuesday. Total U.S. crude stockpiles rose 8.38 million barrels to 494.9 million.