TortoiseEcofin Senior Portfolio Manager Rob Thummel in Bloomberg News

Oil Increases After Bigger-Than-Expected Call on Stored Supplies

Oil rose as traders weighed a bigger-than-expected drop in U.S. crude stockpiles against rising output from American fields.

West Texas Intermediate closed up 0.8% to $76.56 a barrel on Wednesday, after earlier climbing almost 2%. The initial bump was triggered by a U.S. government tally that showed inventories shrank by 3.58 million barrels last week even as domestic crude output rose to the highest since May 2020.

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