Oil Gains as Falling US Crude Inventories Outweigh India Tariffs

Oil rose 1.4% to settle above $64 a barrel as tightening US crude and fuel inventories eased investor fears about a looming supply glut.

While prices continue to trade within a $5 band this month, West Texas Intermediate’s so-called prompt spread — a measure of supply tightness — strengthened to the widest in more than a week. The move followed a US government report showing stockpiles at the key Cushing, Oklahoma, storage hub fell for the first time in eight weeks while national crude inventories declined by 2.4 million barrels, more than expected.