Oil Posts Biggest Gain in Two Weeks on Shrinking U.S. Supplies
- U.S. crude supplies dropped nearly 2 million barrels last week
- Distillate stocks also fell, for second straight weekly drop
Photographer: Daniel Acker/Bloomberg
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Oil rose the most in two weeks after U.S. stockpiles declined last week but futures ended the month down nearly 6% as flareups in coronavirus cases continue to cloud prospects for a demand recovery.
Crude in New York climbed 2.4% on Wednesday after an Energy Information Administration report showed domestic crude inventories fell nearly 2 million barrels last week to the lowest level since April. U.S. crude pulled back from an earlier intraday high as optimism faded that lawmakers were making progress on passing new stimulus measures.