Oil Rebounds as Shrinking U.S. Gasoline Supply Brightens Outlook - Bloomberg:
Oil rebounded as a government report showed shrinking U.S. gasoline supplies, suggesting more demand ahead for crude as tensions flare in the Middle East.
Futures in New York rose as much as 0.9%, erasing an earlier loss. The Energy Information Administration on Wednesday said domestic gasoline inventories fell 1.12 million barrels, about four times deeper than analysts forecast. Refinery activity also ticked higher, showing crude processors are gearing up consumption after an unusually long maintenance season.
That offset a 5.43 million barrel increase in American crude supplies that was less than some of the most bearish estimates had suggested.
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