Oil Rises to Top $75 as US Stockpiles Shrink More Than Expected
- Trader Gunvor says market looks set to remain rangebound
- US inventories fell 9.23 million barrels last week, EIA says
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Oil rose to surpass a key psychological level after US stockpiles declined more than expected.
West Texas Intermediate advanced 1% to settle above $75 a barrel, after earlier jumping as much as 2% to the highest intraday price this year. The gain came after a government report showed US stockpiles fell by 9.23 million barrels last week. Inventories at the storage hub in Cushing, Oklahoma, declined by 2.01 million barrels.