Oil Rises With U.S. Gasoline Supplies Sliding to Four-Month Low
- Gasoline supplies post largest two-week drop on record
- Domestic crude stockpiles rose for third straight week
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Oil closed higher after traders assessed a U.S. government report showing the largest two-week decline in gasoline supplies on record, while signs emerged of demand picking up.
Futures in New York rose 0.7% on Wednesday after earlier flipping between modest gains and losses. Domestic gasoline supplies slid last week to the lowest in about four months, while demand rose to the highest since November, according to Energy Information Administration data. Further price gains were tempered by a 13.8-million-barrel increase in crude inventories, with shale drillers boosting output following an unprecedented cold blast in the U.S. South.