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Oil Surges After U.S. Crude Supplies Tumble the Most Since 1999

  • U.S. inventories fell by 14.5 million barrels last week: EIA
  • Crude imports drop as Hermine entered Gulf of Mexico
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U.S. Oil Supplies Drop Most Since 1999

Updated on

Oil jumped the most in almost five months after the biggest drawdown in U.S. crude inventories in 17 years.

Crude inventories fell 14.5 million barrels last week, the biggest drop since January 1999, according to the Energy Information Administration. A 905,000-barrel gain was projected by analysts surveyed by Bloomberg before the release. Tropical Storm Hermine moved into the Gulf of Mexico on Aug. 28, disrupting shipping and output before moving northeast. Imports tumbled 1.85 million barrels, while refinery activity increased.