Oil Jumps Most This Year as Buildup Slows in U.S. Storage Tanks

Nationwide crude inventories rose by 1.84 million barrels: EIA
Stockpiles at key pipeline hub drop for eighth straight week

Bank of America Merrill Lynch’s Hootan Yazhari discusses OPEC’s options as U.S. oil supply continues to expand. (Source: Bloomberg)

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By Jessica Summers

February 14, 2018 at 12:09 AM UTC

Updated on

February 14, 2018 at 8:49 PM UTC

This article is for subscribers only.

Crude climbed the most since December as a recent buildup in U.S. storage tanks and terminals appears to be slowing down.

Futures gained 2.4 percent in New York on Wednesday after a government report showed American oil inventories rose by 1.84 million barrels last week. That was lower than all but two of 11 estimates in a Bloomberg survey, and was also less of an increase than in the previous two weeks. At the nation’s biggest pipeline hub, stockpiles have fallen for eight straight weeks.