Oil Climbs Most in Six Weeks as Supplies Drop More Than Expected - Businessweek

Oil rose the most in six weeks in New York after the U.S. government reported that supplies dropped almost three times as much as expected.

Crude advanced as much as 3.2 percent as the Energy Department said inventories fell for a fourth week, the longest stretch of declines this year. Imports decreased after the International Energy Agency’s June 23 announcement that its members will release 60 million barrels of oil from strategic reserves, including 30 million barrels from the U.S.

“The numbers were very bullish for crude,” said Carl Larry, director of energy derivatives and research with Blue Ocean Brokerage in New York. “They show that we’re losing a lot of imports already, and we could see more of a decline in expected deliveries to the U.S. because of the IEA release.”

via businessweek.com