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Oil Rebounds as U.S. Gasoline Drop Helps to Ease Post-OPEC Gloom

  • U.S. stockpiles fell by 1.6 million barrels last week: EIA
  • WTI futures rise 1.9% after sliding most in a month on Tuesday
Views Of The ONGC Uran Plant Ahead Of Earnings
Photographer: Dhiraj Singh/Bloomberg
Updated on

Oil rebounded as a drop in U.S. gasoline supplies helped crude prices shrug off their biggest decline in a month.

Futures gained 1.9% in New York after the Energy Information Administration said gasoline inventories shrank by 1.58 million barrels last week, about twice the drop suggested by an industry report a day earlier. The encouraging sign for demand helped counter a smaller-than-expected decline in domestic crude stockpiles.