Commodities
Oil Ends Slump as US Inventories Drop to Lowest Since February
- US crude stockpiles declined by 3.74 million barrels
- Remainder of summer driving season can support demand
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Oil rose, clawing back from a run of losses, after a government report showed that US crude inventories fell to the lowest since February.
West Texas Intermediate topped $77 a barrel after falling 5.5% since last Wednesday. US oil inventories shrank by 3.74 million barrels last week, the Energy Information Administration said. That was the fourth straight decline. Price gains were limited as traders also eyed declines in equity markets.