Crude Breaks $65 as Record Drawdown Whittles U.S. Oil Stockpiles
- 10-week drain on inventories is longest stretch on record
- Vaulting U.S. crude production muting bullish sentiment
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Crude popped above $65 a barrel for the first time in more than three years after U.S. crude stockpiles fell for a 10th week in the longest stretch of declines on record.
Futures advanced 1.8 percent in New York. Crude in American tanks and terminals slipped last week to the lowest since February 2015 while inventories at the nation’s biggest storage hub also swung lower, according to government data. Demand for stored supplies in the world’s biggest economy has been robust at a time of year when it’s usually weak because of refinery repairs, all against the backdrop of OPEC production curbs.