Oil Rises as Shrinking U.S. Crude Stockpiles Signal Tightness - Bloomberg

Oil Rises as Shrinking U.S. Crude Stockpiles Signal Tightness - Bloomberg:

Oil climbed as plunging crude and gasoline inventories in the world’s biggest economy heightened supply concerns.

Futures advanced 1.1 percent in New York on Wednesday. Nationwide crude stockpiles dropped to the lowest since 2015 last week and gasoline supplies fell for a fourth week, according to the Energy Information Administration. The bullish nature of the data was tempered by the fact that more than 70 percent of the inventory decline occurred in U.S. western markets that are too isolated to have much impact on the rest of the nation.

“They tend to put a little less weight on that type of inventory draw,” said Craig Bethune, a senior portfolio manager at Manulife Asset Management. But still, the report “is still a net positive relative to the past few.”