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Oil Surges as Crude Supply Unexpectedly Drops From 86-Year High

  • U.S. crude supplies fell 4.94 million barrels last week: EIA
  • Production cap may set floor for prices: Kuwait OPEC governor
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Oil Up on Potential Output Freeze

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Oil climbed after U.S. crude inventories unexpectedly dropped from the highest level in more than eight decades.

Futures rose the most in three weeks in New York. Crude supplies fell 4.94 million barrels last week, Energy Information Administration data show. A 2.85 million barrel gain was projected in a Bloomberg survey of analysts. Refineries processed the most crude in three months as output and imports slipped. Diesel led gains after the report showed stockpiles of distillate fuel, which includes diesel and heating oil, tumbled on the East Coast.