Oil Advances on Russian Refinery Attack, US Stockpile Drawdown
- US crude inventories slid 1.54 million barrels, EIA says
- Ukrainian drone attack sets major Russian refinery ablaze
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Oil rallied after US stockpiles declined for the first time in seven weeks and a Ukrainian drone struck one of Russia’s biggest refineries.
West Texas Intermediate rose 2.8% to settle near $80 a barrel after a government report showed US crude inventories shrank 1.54 million barrels last week. While the decline was less than the 5.5 million-barrel drop projected by an industry group, markets still interpreted the report as bullish as it was the first drawdown in almost two months.