Oil Rises as U.S. Crude Supplies Drop First Time Since December
- U.S. stockpiles decline by 237,000 barrels last week
- The Federal Reserve raises its benchmark lending rate
Saudi Arabia Tells OPEC Production Rose in February
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Oil advanced after a government report showed U.S. crude stockpiles unexpectedly declined last week.
Futures rose 2.4 percent in New York, the biggest gain since January. U.S. crude inventories fell by 237,000 barrels last week, according to an Energy Information Administration report on Wednesday. That’s the first weekly decline since December. A Bloomberg survey had forecast a gain in stockpiles, while the industry-funded American Petroleum Institute was said to report supplies dropped last week. The Federal Reserve raised its benchmark lending rate a quarter point and the dollar weakened.