Tortoise Portfolio Manager Matt Sallee in Bloomberg News

Oil Climbs as Stockpiles Fall at Biggest U.S. Crude Storage Hub

Oil rose in tandem with equities after traders digested a U.S. inventory report showing the biggest decline in crude stockpiles at the Cushing, Oklahoma, storage hub since June.

Futures in New York rose 1.1% on Thursday to settle at a fresh, nearly seven-year high with the stock market heading toward its best day since March. Supplies at the nation’s largest storage site at Cushing slid last week as traders sent more crude to the U.S. Gulf Coast for export.

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