Oil Rises After Report Of Declining Inventory
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Crude oil rose more than $5 a barrel in New York after an American government report showed that inventories declined for a fourth week, increasing concern stockpiles may be strained during the summer driving season. Supplies fell 4.56 million barrels to 302.2 million last week, the Energy Department said, three times what was forecast in a Bloomberg News survey. Prices also climbed because the euro rose against the dollar, China said oil imports climbed 25% last month, and the chief executive officer of BP Plc said Russian output may continue to fall. “This move was sparked by the very bullish crude inventory number,” a broker with Alaron Trading Corp., Daniel Flynn, said.
