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Crude Rises to Two-Week High as World Tugs on U.S. Oil Supplies

  • Inventories stashed at key Oklahoma hub continue shrinking
  • OPEC, Russia see global glut dwindling at faster pace
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U.A.E. Energy Minister on OPEC Alliance, Oil Inventories

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Crude in New York rose to a two-week high amid signs of expanding worldwide demand for the growing abundance of U.S. oil.

The U.S. benchmark settled 0.4 percent higher on Tuesday in New York. American crude exports have increased in four of the past five weeks, drawing supplies away from the key storage hub in Cushing, Oklahoma, to coastal shipping terminals. The worldwide glut that’s dogged major producers such as Saudi Arabia and Nigeria appears to be fading faster than anticipated.