Crude Rallies as Draw in U.S. Fuel Stocks Outweighs Crude Build
- Domestic oil inventories expand by the most in five months
- Futures move into positive territory hours after report
Workers operate the rotary table and drill pipes on an oil drilling rig, operated by Tatneft PJSC, on an oilfield near Almetyevsk, Tatarstan, Russia
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil turned positive hours after a U.S. government report showed large declines in fuel inventories, outweighing a bigger-than-expected crude build.
Futures rose 1.1% in New York on Thursday. The Energy Information Administration reported that American gasoline and distillate supplies shrank by a combined 6.4 million barrels after almost 17% of domestic refining capacity went dark last week. Crude also followed equities higher amid a spate of mostly positive earnings reports.