Oil Jumps After U.S. Crude Stockpiles Shrink Most Since August
- Nationwide oil inventories slid by 7.42 million barrels: EIA
- U.S. benchmark closes above $62 for first time since Dec. 2014
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Oil closed above $62 a barrel for the first time in more than three years after U.S. crude stockpiles shrank by the most since the summer driving season.
Futures jumped 0.6 percent in New York to the highest level since December 2014. American crude inventories slipped by 7.42 million barrels last week as refiners boosted operating rates to the highest level in more than a decade, signaling strong demand, the Energy Information Administration said on Thursday. Stored crude supplies have been dwindling for seven straight weeks and the scope of last week’s withdrawal surprised analysts.