Crude Climbs as U.S. Storage Nosedives and Foreign Orders Jump
- Oil stocks drop by most since August, exports surge by record
- West Texas crude closes at highest in more than two weeks
JPM's Kelly Says $60 Oil Will Ramp Up U.S. Production
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Crude jumped to the highest in more than two weeks after a U.S. government report showed oil stockpiles in the world’s largest economy fell by the most in four months.
Futures advanced 0.9 percent in New York. American crude inventories tumbled by 6.5 million barrels last week, more than double the average estimate in a Bloomberg survey. Exports surged by the most on record as domestic explorers sent cargoes to foreign shores where they fetched higher prices.