Oil at Three-Year High as U.S. Stock Decline Adds to Supply Risk - Bloomberg:
Crude closed at a 3 1/2 year high amid shrinking stockpiles in the U.S., disruptions at Libyan ports and other worldwide supply risks. Futures rose 1 percent in New York on Thursday. Rapidly draining American surpluses are compounding real and envisioned supply interruptions in Canada, Iran, Venezuela and North Africa. Inventories stowed at the biggest U.S. pipeline hub in Cushing, Oklahoma, plunged more than 8 percent last week, the deepest cut since early February. “You had a very significant, almost overwhelming draw in Cushing,” said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida. “Nothing is getting better in Venezuela, Libya or Iran. The market’s got to go up.”
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