Oil Scores Best Opening Week in Half a Decade as Supply Tightens - Bloomberg

Oil Scores Best Opening Week in Half a Decade as Supply Tightens - Bloomberg:

"Oil had its strongest opening week for any year since 2013 as refiners and exporters whittled away at crude inventories tucked away in U.S. storage tanks.

Futures rose 1.7 percent this week in New York. The pull on oil stockpiles in the world’s biggest economy accelerated to 7.42 million barrels last week, a level last seen in early August. U.S. inventories are shrinking at a time when OPEC and allies producers including Russia are working to trim a global glut that triggered the 2014 market crash.

“We have supportive elements in the market that didn’t exist before,” said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York. With supplies declining and a healthy global economy, “all the pieces are in place.”"



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