Oil Rises on Signs of Stockpile Drop as Shortfall Fears Linger - Bloomberg:
Oil extended gains to near $75 a barrel after an industry report showed U.S. inventories shrunk as global output disruptions continued to stoke concerns over supply shortfalls. Crude in New York increased as much as 1 percent as the premium on front-month futures surged even higher against later contracts. The American Petroleum Institute was said to report nationwide stockpiles dropped 4.51 million barrels last week. While the Saudi Cabinet affirmed the kingdom is ready to use its spare capacity as needed, the Middle Eastern nation also reiterated with Russia that OPEC’s agreement with allies is to boost output by 1 million barrels a day.
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