Tortoise’s Matt Sallee in Bloomberg

Oil surges as key U.S. storage hub shows big draw

Oil jumped the most since the first of the month as American crude stockpiles at a key storage hub shrank by the most since August.

Futures rose 3.4% in New York, the biggest gain since Nov. 1. The Energy Information Administration reported that crude supplies at Cushing, Oklahoma, declined by 2.3 million barrels, the biggest draw in three months. Nationwide crude inventories rose 1.38 million barrels, less than reported by the American Petroleum Institute on Tuesday.

Read more here: https://www.bloomberg.com/news/articles/2019-11-19/oil-holds-near-lows-as-u-s-supplies-swell-trade-talks-stutter

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