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Oil Gains as U.S. Crude Stockpiles Drop to Lowest Since 2018

  • Gasoline inventories rose 7.69 million barrels last week: EIA
  • Cushing inventories fell 2.47 million barrels last week: EIA
Updated on

Oil climbed after two major agencies indicated that markets may be tighter than previously forecast and a U.S. government report showed crude inventories plummeted.

West Texas Intermediate rose 1.7% on Wednesday to the highest closing price since November. U.S. stockpiles fell to the lowest since October 2018, according to government data. Earlier, the International Energy Agency’s Fatih Birol said demand is stronger than expected in the wake of omicron while disruptions in major producing countries are pinching supplies.