Oil Surges After Record U.S. Fuel Supply Drop From Deep Freeze
- Domestic gasoline stockpiles tumbled nearly 14 million barrels
- OPEC+ is expected to agree this week on production increase
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Oil jumped the most in more than a week after a U.S. government report showed a record drop in domestic fuel inventories from the aftermath of a deep freeze that shuttered refineries in several states.
Crude futures in New York climbed 2.6% on Wednesday, snapping a three-day streak of losses. U.S. gasoline inventories tumbled last week by the most since 1990 after a polar blast wiped out more than 5 million barrels a day of refining capacity in late February along the U.S. Gulf Coast, according to Energy Information Administration data. Crude stockpiles swelled with refineries still shut.