Oil Climbs to 7-Month High as U.S. Crude Supply, Output Decline
- U.S. crude stockpiles fell 4.23 million barrels last week: EIA
- Gasoline inventories unexpectedly rose by 2.04 million barrels
Oil Inventories Fall by 4.23 Million Barrels
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Oil rose to the highest level in more than seven months in New York after a government report showed that U.S. crude inventories and production declined, easing a glut.
Crude stockpiles dropped 4.23 million barrels, according to the Energy Information Administration, more than twice what was projected by analysts in a Bloomberg survey. Production slipped an 11th week to the lowest level since September 2014. Prices dipped from the session highs after the report showed that gasoline supplies unexpectedly rose.