Oil jumped amid indications of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles.
U.S. crude futures advanced as much as 3.8% in New York on Wednesday and global benchmark Brent crude topped $75 a barrel for the first time since early August. Domestic crude stockpiles tumbled to the lowest since September 2019, exceeding projections by the industry-funded American Petroleum Institute. The data follow the International Energy Agency’s warning this week that the world will have to wait until October for more supply to come online.
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