Oil Climbs as U.S. Supply Decline Signals OPEC's Making Progress
- U.S. crude stockpiles fell 1.75 million barrels last week: EIA
- Refineries boosted operations for first time in three weeks
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Crude markets are getting some encouragement from the U.S. as supplies fell for a sixth week -- a sign that OPEC-led production curbs are starting to be felt in the world’s biggest oil-consuming nation.
Inventories fell 1.75 million barrels last week to 520.8 million, the Energy Information Administration reported Wednesday -- less than the 2.67 million-barrel decline forecast by analysts surveyed by Bloomberg. Russia and Saudi Arabia said on Monday that they’re in favor of extending output cuts for nine months to give global stockpiles more time to reach the level targeted by OPEC and its allies.