Oil Takes Biggest Gain Since September
Oil rose almost $3 Wednesday to more than $71 a barrel — its biggest single-day gain since September — following several positive economic indicators, Bloomberg reported.
Crude futures rose $2.76 to close the trading day at $71.51 a barrel on the New York Mercantile Exchange, following economic reports that durable goods orders and new home sales both improved in April.
It was the biggest single-day gain since Sept. 30, Bloomberg reported.
The Department of Energy, meanwhile, said Wednesday that crude supplies rose 2.5 million barrels last week.
Gasoline stockpiles slipped 200,000 barrels while distillates, which include diesel, fell by 270,000 barrels, DOE said in its weekly inventory report
Oil prices have fallen about $15 this month, from more than $86 in late April to near $70 in the past two weeks, according to Bloomberg figures.
