Economics
Oil Jumps as Industry Report Shows Biggest Crude Draw Since July
- Domestic crude stockpiles tumbled 8.64 million barrels: API
- Supplies at key Cushing, Oklahoma, hub unexpectedly declined
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Oil popped higher after an industry report showed the biggest drop in U.S. crude stockpiles since July.
Futures in New York advanced beyond the session’s 2.5 percent jump after the American Petroleum Institute was said to report an 8.64 million-barrel drop in domestic inventories last week. Supplies also declined at the important storage complex in Cushing, Oklahoma, the API was said to disclose, a strong signal of tightening markets.