Oil Rallies as US Demand Revives, Easing Concerns About Slowdown
- US exports hit record as Europe tries to replace Russian oil
- Average US gasoline demand rises to highest this year: EIA
This article is for subscribers only.
Oil rebounded from several days of declines after a bullish US stockpile report eased concerns that an economic slowdown is blunting demand.
West Texas Intermediate futures rose 1.8% to settle above $88 a barrel after earlier falling to a seven-month low. Crude rallied after a US government tally Wednesday showed inventories dropped by 7.06 million last week while exports rose to a record. The bullish report halted a three-day slide magnified by negotiations to revive a nuclear deal with Iran showed progress and China’s worsening economic outlook.