TortoiseEcofin Senior Portfolio Manager Rob Thummel in Bloomberg News

Oil Reaches Seven-Year High After Surprise Drop in U.S. Supplies

Oil hit a fresh high after a U.S. government report showed an unexpected drop in crude stockpiles, allaying concerns that higher prices would blunt demand.

Futures in New York rose 1.3% to a fresh seven-year high, after earlier falling as much as 1.2% on Wednesday. Domestic crude inventories fell 431,000 barrels last week, according to an Energy Information Administration report. The industry-funded American Petroleum Institute reported a 3.29 million-barrel weekly gain on Tuesday.

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