(Bloomberg) — Oil climbed to trade near a two-month high on signs of a significant drawdown in US crude stockpiles.
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West Texas Intermediate pushed above $83 a barrel after a modest drop on Tuesday. Brent closed above $86. The American Petroleum Institute reported crude inventories shrank 9.2 million barrels last week, according to people familiar with the data. If confirmed in official figures later Wednesday, that would be the largest drop in barrel terms since January.
Crude remains solidly higher this year, with futures helped by a wider risk-on mood in equity markets as the US benchmark S&P 500 hits record after record. Anxieties over a potentially active hurricane season have also been supportive. Options markets reflect the bullishness, with call options once again going at a rare premium to opposite puts.
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