Oil Advances as U.S. Stockpiles Drain by Most Since 2019
- Domestic crude inventory draw was largest since December: EIA
- Demand growth for refined oil products has peaked: Citigroup
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Crude gained after signals of shrinking stockpiles in the U.S., but fears of the virus crimping demand are holding futures back from rallying past $40 a barrel.
The Energy Information Administration reported domestic crude inventories fell 7.2 million barrels last week, the biggest retreat since December, and at the nation’s biggest storage hub in Cushing, Oklahoma, supplies fell for an eighth straight week. Yet implied fuel demand ticked lower, deepening worries that accelerating coronavirus cases will limit the market’s recovery.