Crude Gains Most in 7 Weeks, Shrugging Off U.S. Inventory Gain
- U.S. stocks rose, EIA says, but less than traders had feared
- WTI advances most since October as market awaits OPEC decision
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Oil prices surged the most in seven weeks as declines in refined product inventories outweighed another increase in crude stockpiles.
Futures in New York rose 2.2 percent on Wednesday, clawing back some of their losses from the previous day’s rout. The Organization of Petroleum Exporting Countries is due to meet with other major producers in Vienna next month, with Saudi Arabia proposing at least a 1 million barrel a day cut to stabilize prices.