Oil Edges Up After U.S. Crude Supplies Shrink Most This Year
- Crude inventories fell 10.6 million barrels last week: EIA
- Growing glut in gasoline, distillate supplies caps rally
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Oil was propped up by the biggest decline in U.S. crude inventories this year, signaling a bright spot in a market weakened by Covid-19.
Domestic oil inventories tumbled by more than 10 million barrels last week, the biggest decline since December, according to an Energy Information Administration report. Oil imports declined, with shipments from Saudi Arabia falling to the lowest since April. Futures closed higher by less than 1% on Wednesday.