Oil surged to the highest level in a month -- breaking out of a weeks-long holding pattern -- as shrinking crude stockpiles in the U.S. supported hopes for a global demand recovery.
Futures rose 4.9% in New York, the most since late March, after trading in a $5 range for weeks. U.S. crude inventories are at the lowest since February following the biggest decline in two months, according to the Energy Information Administration. At the same time, a gauge for gasoline demand ticked higher for a seventh straight week. That’s helped prices that have struggled to rally past $60 a barrel.
