Oil Climbs as U.S. Supplies Shrink to Lowest Since Start of Year
- Nationwide crude supplies dropped by 7.21 million barrels: EIA
- Gasoline stockpiles slid to lowest level since December
U.S. Crude Inventories Fall 7.21 Million Barrels: EIA
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Oil surged to an eight-week high after the government said U.S. stockpiles shrank to levels last seen at the start of the year.
Futures rose 1.8 percent in New York. Crude inventories declined by 7.21 million barrels last week to the lowest since Jan. 6, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles fell for a sixth week to the lowest level since December, the data showed.