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Oil Surges to Highest in a Month With U.S. Demand Picking Up

  • WTI jumps nearly 5%, most since mid-March, after crude draw
  • IEA lifts 2021 oil consumption forecast on U.S., China outlook
U.S. Gas Futures Fluctuate As Energy Crisis in Texas Eases
Photographer: Eddie Seal/Bloomberg
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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.