Oil Climbs From 2018 High as Report Signals Falling Stockpiles - Bloomberg

Oil Climbs From 2018 High as Report Signals Falling Stockpiles - Bloomberg

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West Texas Intermediate for July delivery climbed 0.6% to $69.26 a barrel on the New York Mercantile Exchange at 7:10 a.m. London time after rising 1.6% in the previous session. Brent for August settlement advanced 0.7% to $71.85 on the ICE Futures Europe exchange after gaining 1.6% on Wednesday. Oil extended gains after closing at the highest since October 2018 as an industry report pointing to a decline in U.S. crude inventories reinforced optimism over the demand recovery. Futures in New York rose above $69 a barrel after adding almost 4% over the past two sessions, while Brent neared $72. The American Petroleum Institute reported stockpiles fell by 5.36 million barrels last week, said people familiar. That would be the biggest draw in a month if confirmed by official data. Oil is in “strong demand right now,” with economies around the world opening up, Daniel Yergin, the oil historian and vice chairman at IHS Markit Ltd., told Bloomberg Television, predicting prices could rise as high as $80 a barrel.