Oil Had Its Best Day This Year as Supply Drop Eases Glut Concern
- U.S. stockpiles fell 5.25 million barrels last week: EIA
- More than double 2 million barrel drop forecast by analysts
Oil Resumes Gains on U.S. Data
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Oil had its best day this year after U.S. crude stockpiles tumbled, easing concerns that the shale revival will prolong a supply glut.
Stubbornly high crude inventories, a measure that’s been closely watched by OPEC and other market participants, had the biggest drop of the year, declining 5.25 million barrels. Supplies of gasoline and distillate fuel also declined, giving hope to those searching for signs that the glut is easing.