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Oil Advances After U.S. Crude Supplies Fall a Record Ninth Week

  • U.S. crude stockpiles down 2.34 million barrels last week: EIA
  • Gasoline supply rose as refinery activity climbed to 2016 high
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Is There a Resurgence in Oil Production Services?

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Oil rose after a government report showed that U.S. crude stockpiles fell a ninth week, marking the longest stretch of declines on record.

Crude inventories fell 2.34 million barrels last week, Energy Information Administration data show. Supplies remain at the highest seasonal level in at least a decade. Gasoline stockpiles rose as refineries bolstered operating rates to the highest level this year. Prior to the report, prices fell to a two-month low as the Bloomberg Dollar Spot Index climbed to a seven-week high.