Oil Hits 2019 High as U.S. Inventories Show a Tightening Market - Bloomberg

Oil Hits 2019 High as U.S. Inventories Show a Tightening Market - Bloomberg:

Oil prices climbed to their highest so far this year as a decline in U.S. crude and fuel stockpiles added to evidence of a tightening market.

Futures in New York rose 2.4 percent on Wednesday, closing above $58 a barrel for the first time since mid-November. The U.S. Energy Department’s closely watched weekly inventory report showed a 3.86 million-barrel decline for crude last week, defying forecasts of an increase. A 4.62 million drawdown for gasoline was the steepest since October.