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Oil Hits One-Year High With Market Eyeing Tight Global Supplies

  • Domestic crude output tumbled below 10 million barrels a day
  • Europe crude stockpiles fall to lowest level since September
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. 

An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. 

Photographer: Andrey Rudakov/Bloomberg
Updated on

Oil surged to the highest in more than a year as the market looks ahead toward an accelerating decline in global inventories and a comeback in demand.

Futures in New York climbed 2.5% Wednesday, rising to the highest since January 2020. Energy Information Administration data showed crude output fell to 9.7 million barrels a day last week amid an unprecedented polar blast, tying for the low reached last summer when Hurricane Laura sent production plummeting.