Oil Leaps as Stockpile Drop Adds to Iran Tensions, Gulf Storm
- American inventories fall to lowest in three months: EIA
- WTI climbs near $60 a barrel; Fed chair hints at rate cuts
Oil climbed near $60 a barrel as a steep drop in U.S. crude inventories added to signs of a tightening market from the Middle East to the Gulf of Mexico.
Futures in New York rose as much as 3.5% to $59.84 a barrel on Wednesday, the highest since July 1, amid a rising a tide of bullish developments. American crude stockpiles fell by 9.5 million barrels last week to the lowest level since April, the Energy Department said. President Donald Trump, meanwhile, vowed to increase sanctions on Iran “substantially,” while a storm in the Gulf of Mexico forced offshore drillers to evacuate personnel.
Read more here: https://www.bloomberg.com/news/articles/2019-07-09/oil-jumps-on-report-of-tightening-u-s-supplies-middle-east