Oil Jumps as Surprise U.S. Supply Drop Dispels Shale Boom Fears
- Nationwide crude inventories fell by most in five weeks: EIA
- Cushing storage at lowest since 2014 as crude exports surge
IEA's Birol Sees Slowing Oil Demand Growth, No Peak
This article is for subscribers only.
Oil surged to the highest in two weeks as American supplies unexpectedly shrank and exports surged, dispelling fears that a new shale boom will leave the country awash in crude.
Futures advanced 1.8 percent in New York after a government report showed U.S. crude stockpiles slid 1.62 million barrels last week, the largest draw in five weeks. That contrasted with a 2.9 million increase estimated in a Bloomberg survey ahead of the release.