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.