Oil Jumps to One-Year High With Depleting Supplies Aiding Rally
- Domestic crude stockpiles fell by 4.26 million barrels: API
- WTI futures gain 2.3%, topping $55 a barrel after settlement
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Oil climbed to the highest level in over a year as tightening global supplies and signs of strength in physical markets aided crude’s virus-recovery rally.
Futures rose 2.3% in New York to the highest in over a year, rising back above $55 a barrel in post-settlement trading after an industry group reported another decline in U.S. stockpiles. Crude has been climbing steadily since late last year as coronavirus vaccines and producers’ supply curbs boost expectations of a tighter market. OPEC and its allies expect to drain an oil surplus by the middle of the year.