Oil Tops $122 as US Inventory Data Highlights Fuel Supply Crunch
- Gasoline inventories dropped over 800k barrels last week: EIA
- Prices haven’t peaked as China’s demand set to rebound: UAE
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Oil maintained its gains after US government data showed crude inventories in the largest storage hub and gasoline stockpiles dropped, offering little relief to concerns about a global supply crunch.
West Texas Intermediate futures rose above $122 a barrel, trading near a three-month high. Inventories at the nation’s biggest storage hub at Cushing, Oklahoma, fell 1.59 million barrels last week, according to an Energy Information Administration report Wednesday. Gasoline inventories also dropped while demand rose.