Oil bounced back as an Energy Information Administration report showed a dip in inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate crude traded in New York.
Highlights from market news:
– Futures rose as much as 0.4 percent after stockpiles declined 315,000 barrels at the hub last week to 51.4 million: one month low
– Crude oil for March delivery rose 23 cents to $96.87 a barrel at 12:25 p.m. on the New York Mercantile Exchange
– The European benchmark grade traded at as much as a $20.87- a-barrel premium to WTI, the widest spread on an intraday basis since Dec. 21