Oil Advances as Cheap Gasoline Leads U.S. Fuel Stocks to Drop
- U.S. crude stockpiles rose to new 86-year high last week: EIA
- Output cap puts `unrealistic demands' on Iran, Zanganeh says
Iraq Gives All or Nothing View on OPEC Oil Freeze
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Crude oil advanced as cheap gasoline bolstered U.S. demand for the motor fuel and sent inventories lower.
Gasoline supplies fell 2.24 million barrels to 256.5 million, according to the Energy Information Administration. Demand rose as U.S. pump prices lingered near a seven-year low. Crude stockpiles climbed to an 86-year high while production dipped. Prices dropped earlier after oil ministers from Iran and Saudi Arabia signaled on Tuesday that they’re not willing to curtail production.