Oil Rises As Tightening U.S. Supply Offsets Iran Risk
- Domestic crude stockpiles fell to the lowest since February
- WTI crude futures post fourth straight session of gains
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Oil climbed to the highest in more than a week as shrinking crude inventories and further signs of a demand pick-up in the U.S. countered concerns around the prospect of more Iranian supply.
Futures in New York closed above $66 a barrel after swinging between small gains and losses during Wednesday’s session. U.S. crude stockpiles fell to the lowest since late February last week, according to a government report, while gasoline and distillate supplies also dropped. Gauges of fuel demand for the country continue to highlight progress toward a return to normal consumption levels.