Oil Hits High for the Year as Supply Risks Grow in Tight Market
- WTI futures trade above $84, jumping to highest since November
- EIA reports rising crude inventories, falling fuel stockpiles
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Oil climbed to the highest in almost nine months on concern that a possible escalation of the conflict between Russia and Ukraine may choke off more supplies in an already tightening market.
West Texas Intermediate futures ended the session above $84 a barrel, breaking through an earlier high for the year set in April. Prices held onto gains even after US government data showed crude inventories rose by about 5 million barrels last week as investors focused on fuel stockpiles that declined by the most in three months.