- Inventories declined 12.8 million barrels last week, EIA says
- WTI climbs as much as 3.6%, as draw far exceeds expectations
Oil rose near $60 a barrel for the first time this month as a huge drop in U.S. crude inventories bolstered the outlook for demand.
Futures in New York climbed as much as 3.6%, after the U.S. Energy Information Administration said domestic stockpiles fell by 12.8 million barrels last week. The biggest decline in American supplies since September 2016 was accompanied by record exports of crude and refined products and gasoline demand that remained near an all-time high.
“U.S. exports are going to continue to grow, and that’s a positive for long-term crude balances here,” said Nick Holmes, who helps oversee $16 billion in energy investments for Kansas-based money manager Tortoise. “It’s our expectation that we continue to see draws into the second half of the year.”