Oil Gains as U.S. Supplies Dwindle and Demand Jumps to Record
- Domestic oil inventories slid for seventh straight week
- A gauge of fuel demand soared to 10 million barrels a day
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil rose after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer driving season.
Futures advanced 1% in New York on Thursday. Domestic crude and gasoline supplies tumbled last week and a gauge of fuel demand jumped to 10 million barrels a day during the week leading up to the July 4th holiday, according to the Energy Information Administration.