Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline, signaling a tightening market.
Global benchmark Brent rose above $74, while West Texas Intermediate advanced for a fourth day. The industry-funded American Petroleum Institute reported nationwide crude stockpiles fell 5.44 million barrels last week, according to people familiar with the matter. Official data will be released later, while the dollar also weakened making commodities priced in the currency more valuable.
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September 15, 2021 at 06:41AM
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Oil Extends Rally as Industry Report Shows Slump in Inventories - Bloomberg
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