Oil Rises After Industry Reports Surprise U.S. Crude Stock Draw

U.S. crude stockpiles fell 2.13 million barrels last week: API
Analysts were calling for a crude inventory rise in survey

The world can’t deal with $100 oil, according to Neil Dwane, global strategist at Allianz Global Investors.(Source: Bloomberg

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By Jessica Summers

October 16, 2018 at 2:20 AM UTC

Updated on

October 16, 2018 at 9:12 PM UTC

This article is for subscribers only.

Oil popped higher after an industry report showed an unexpected decline in U.S. crude inventories.

Futures rose from the settlement in New York on Tuesday after the industry-funded American Petroleum Institute was said to report U.S. crude inventories dipped 2.13 million barrels last week. That would be the first decline in four weeks if Energy Information Administration data confirms it on Wednesday. Hurricane Michael shut in production in the Gulf of Mexico during the reporting period, which may contribute to the inventory decline.