- American oil inventories fell by 1.7 million barrels last week
- U.S. gasoline demand hits 28-year high on a seasonal basis
Oil spiked above $55 a barrel for the first time in three weeks after a surprise drop in U.S. crude supplies signaled strengthening demand.
Futures rose as much as 1.5% in New York on Wednesday after an Energy Information Administration report showed American crude inventories fell by 1.7 million barrels last week and gasoline stockpiles shrank more than forecast. Imports of foreign crude slumped to the lowest in more than two decades.
“There’s a fair bit to like in this report,” said Matt Sallee, portfolio manager at Tortoise, a Kansas firm that oversees more than $21 billion in assets. “We view inventories moving lower from here.”