Oil Jumps as U.S. Crude Stockpiles Tumble With Demand Surging

Oil climbed after a government report showed U.S. crude inventories fell to the lowest since 2018 amid record demand, underscoring the market’s bullish fundamentals

Futures in New York rose as much as 1.4% on Wednesday after domestic crude stockpiles fell 4.76 million barrels, according to an Energy Information Administration report. The four-week average for U.S. oil-product supplied, a gauge for demand, rose last week to a record high.