Oil Trades Near Highest in More Than a Week on U.S. Supply Drop
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Oil traded near the highest in more than a week in New York after a government report showed an unexpected drop in U.S. crude inventories on increased refinery operating rates and supply disruptions.
Futures were near $100 a barrel after climbing as much as 0.5 percent today. The Energy Department said stockpiles slipped 15,000 barrels last week to 370.3 million. Supplies were projected to increase 1.7 million barrels, according to analysts surveyed by Bloomberg News. Refineries operated at 83.2 percent of capacity, the most since the week ended April 1.