Oil Extends Gains on Report of Surprise Drop in U.S. Stockpiles

,By Tsuyoshi Inajima BLOOMBERG
17 באפריל 2019, 01:20 GMT‎+3‎ Updated on 17 באפריל 2019, 07:33 GMT‎+3‎
 U.S. inventories fell by 3.1 million barrels last week: API
 WTI rises as much as 0.8 percent after 1 percent gain Tuesday
Oil rose toward a five-month high after an industry report signaled an unexpected drop in U.S. crude inventories last week, adding to the picture of a tightening global market.

Futures in New York advanced as much as 0.8 percent after gaining 1 percent on Tuesday. U.S. stockpiles declined by 3.1 million barrels last week, the American Petroleum Institute was said to report. If confirmed by government data due later on Wednesday, that would be the first decline in four weeks and defy analyst forecasts for inventories to rise. China reported first-quarter economic growth that beat estimates, adding to crude’s upward impetus.

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