Oil Rises for Third Day as Crude, Diesel Inventories Decline
Oil rose for a third day Wednesday as a Department of Energy report showed crude inventories plunged last week, Bloomberg reported.
Crude futures rose $1.50 to $98.72 a barrel following DOE’s report that showed supplies fell by 10.6 million barrels last week.
It was the biggest inventory decline in a decade, Bloomberg said.
Gasoline supplies fell 400,000 barrels last week, while distillate supplies, which include diesel, fell by 2.4 million barrels, DOE said in its weekly report.
After closing at a six-week low Friday of $93.53 on the New York Mercantile Exchange, oil rose slightly on Monday and more than $3 Tuesday to $97.22, Bloomberg figures showed.
