Oil Reaches Highest Since Late 2014 After U.S. Surplus Shrinks
- U.S. crude, gasoline, diesel stockpiles dropped last week
- Market-watchers bracing for U.S. summer driving season
Why Oil is Climbing to Level Not Seen Since 2014
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Crude settled at the highest since 2014 as shrinking U.S. oil, gasoline and diesel stockpiles signaled tightening global supplies.
Futures ended Wednesday’s session 0.3 percent higher in New York after fluctuating between gains and losses. An International Energy Agency forecast for less robust energy demand overshadowed a U.S. government tally showing record overseas demand for American crude and declining domestic stockpiles of oil and fuels.