Crude Oil Rallies Above $70 as Another Hurricane Menaces Texas
- U.S. dollar rises, reducing the appeal of commodities like oil
- Colonial restores fuel pipeline after Houston-area power loss
Source: CIRA/RAMMB
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Oil rose after the regular trading session closed Tuesday when an industry group reported that weekly crude inventories and fuel inventories had decreased.
Futures in New York rose about 0.5% after the industry-funded American Petroleum Institute reported crude stockpiles fell 5.44 million barrels a day, while gasoline and diesel combined decreased by a similar volume, according to people familiar with the matter.