Oil rises as US inventories dip and exports hit record high | Financial Times

Oil rises as US inventories dip and exports hit record high | Financial Times:

Oil prices added to recent gains after US data showed domestic stockpiles last week shrank more than expected while exports of American crude hit a record high.

The Energy Information Administration said Wednesday that US crude inventories declined 12.8m barrels from the prior week to 469.6m barrels, dropping by their widest margin since September 2016 and surpassing forecasts for a smaller 2.5m-barrel draw.

It also found that weekly crude exports rose to their highest level on record at 3.77m barrels a day, and exports of crude and refined products combined were at an all-time high.