Oil Surges With U.S. Supply Drop Underscoring Global Rebalancing
- Domestic oil inventories slid 426,000 barrels last week
- IEA says global supply glut built during the pandemic is gone
This article is for subscribers only.
Oil rose to the highest since early March with a second straight weekly decline in U.S. crude supplies underscoring the progress the world has made in draining a record supply glut built up last year.
Futures in New York gained for a fourth straight day on Wednesday, while global benchmark Brent crude neared $70 a barrel. A U.S. government report showed domestic crude inventories fell to the lowest since late February last week. Meanwhile, gasoline supplies rose by 378,000 barrels, the Energy Information Administration report showed.