Oil Posts Strongest Open Since November as Rally Gathers Steam

By Bloomberg8 days ago

© Reuters. Oil Posts Strongest Open Since November as Rally Gathers Steam

(Bloomberg) -- Oil extended a rally after U.S. stockpiles fell and investors applauded reopening drives in the U.S. and Europe that will aid demand.

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West Texas Intermediate surged 1.2% at the open, the most since Nov. 4, and gasoline futures hit the highest since July 2018. The American Petroleum Institute reported domestic crude supplies fell by 7.69 million barrels last week, according to people familiar with the data. If confirmed by U.S. government figures on Wednesday, that would be the largest drop since late January. The API report also showed lower gasoline and distillate inventories.

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