Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela’s crude supply.
Source: www.reuters.com
U.S. crude oil futures closed higher on Wednesday as a deep decline in gasoline stocks more than offset a sharp buildup in crude inventories. For the week to April 5, U.S. crude stockpiles swelled by 7 million barrels, the highest level since November 2017, while gasoline inventories fell 7.7 million barrels, the steepest drawdown since September 2017. U.S. WTI crude futures rose nearly a percent to close at $64.61 a barrel on Wednesday, holding just below its strongest level since mid-November.
