Oil Tops $70 Following DOE Inventory Report
Oil pushed past $70 a barrel Wednesday for the first time this week following a Department of Energy report that showed crude inventories plunged last week, Bloomberg reported.
DOE’s weekly report on crude stockpiles showed a drawdown of 8.4 million barrels last week, contrary to analysts’ predictions of a build, Bloomberg reported.
Gasoline inventories fell 2.2 million barrels, while distillates, which include diesel, fell by 650,000 barrels for the week ended Saturday, DOE said.
After sliding early, prices rose more than $1 to top $70 a barrel on the New York Mercantile Exchange, CNBC reported.
Crude futures closed at $69.19 a barrel on the Nymex Tuesday, up more than $2 from Monday’s closing price.
