Oil Rises to Three-Month High on Supply and Trade Optimism
- American inventories fell 7.9 million barrels last week: API
- WTI futures heading for biggest monthly gain since January
This article is for subscribers only.
Oil advanced in light trading, with prices set for the biggest monthly gain in almost a year on speculation that supplies are shrinking.
Futures rose 0.9% in New York, gaining for a third straight session as trading resumed after the Christmas break. Prices are up almost 12% this month, and have reached the highest level since mid-September. The American Petroleum Institute reported that U.S. stockpiles dropped 7.9 million barrels last week.