Economics
Oil Jumps as Industry Is Said to Report Big U.S. Stockpile Draw
- U.S. crude supplies fell 10.2 million barrels last week: API
- Brent crude closes above $50 for first time since June
JBC's Gorry Expects Oil Inventories to Build After Summer
This article is for subscribers only.
Oil rose above $48 a barrel for the first time since early June in New York after an industry report was said to show U.S. inventories shrank by the most since September.
Futures traded as much as 5 percent higher, extending the regular session’s gains. Crude inventories declined by 10.2 million barrels last week in an American Petroleum Institute report released Tuesday, people familiar with the data said. That would be the largest draw since September if Energy Information Administration data confirms the drop on Wednesday.