Oil Posts Gain With Demand for American Crude on the Rise
- Nationwide inventories dropped by 1.85 million barrels
- Refiners ramped up processing rates for second straight week
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Oil sustained its bull-market rally in New York as demand for American crude pushed exports to a record.
Futures added 0.5 percent, ending the session within a dime of Monday’s five-month closing high. The Energy Information Administration reported U.S. crude inventories last week fell for the first time since Hurricane Harvey slammed Texas as refiners boosted processing rates and exporters shipped out one of every six barrels of crude pumped from domestic wells. All of this unfolded against the backdrop of strict OPEC adherence to supply curbs.