Oil Advances After U.S. Crude Stockpiles Tumble to 7-Month Low
- U.S. crude inventories fell 6.2 million barrels last week: EIA
- Crude maintains gains after Fed keeps interest rates steady
Inside Look at the Bearish Side of Oil
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Oil rose after government data showed U.S. crude inventories declined to the lowest level since February.
Futures climbed 2.9 percent in New York. Crude stockpiles fell 6.2 million barrels last week, according to the Energy Information Administration. That contrasts with the 3.25-million barrel gain forecast by analysts surveyed by Bloomberg and a 7.5 million barrel decrease reported Tuesday by the industry-funded American Petroleum Institute. Prices maintained gains after the Federal Reserve left its policy rate unchanged for a sixth-straight meeting.