Oil Rises After U.S. Inventories Decline to Eight-Month Low

Bloomberg reported that crude oil surged after a report showed that U.S. stockpiles declined to an eight-month low as refineries rose operating rates.

The market news is quoted as saying:

Inventories of crude oil were projected to decline 1.3 million barrels, according to the median of 15 analyst responses in a Bloomberg News survey.

“The inventory number was a lot bigger than anyone expected,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “Prices would be a lot higher if the drop was taking place at a time when expectations about the U.S. and global economies weren’t being lowered.”

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