Oil Closes at 6-Month High Over $56 a Barrel
Oil rose more than $2 Wednesday to close above $56 a barrel — the highest price in almost six months — following an Energy Department report that showed a smaller-than-expected increase in stockpiles, Bloomberg reported.
Crude futures rose $2.50 to close the trading day at $56.34 a barrel on the New York Mercantile Exchange, making it the highest closing price since Nov. 14, Bloomberg said.
Energy prices also rose on news that employers cut fewer jobs than expected in April, Bloomberg reported.
Crude inventories rose 605,000 barrels last week, DOE said in its weekly inventory report released Wednesday. That was well below the 2.5 million-barrel gain forecast by analysts, Bloomberg said.
Gasoline inventories declined 167,000 barrels, while distillates, which include diesel and heating oil, rose by 2.4 million barrels for the week ended Saturday, DOE said.
One Saudi Arabian oil official said oil prices could reach $80 a barrel this year if the economy improves, Bloomberg reported.
