Oil Advances as US Stockpile Decline Signals Tighter Market
- WTI futures earlier touched the lowest level since March
- Oil had been on a downward trend as geopolitical tensions cool
Oil climbed after government data showed a decline in US stockpiles, signaling a tighter physical market.
West Texas Intermediate settled near $79 a barrel as crude oil inventories fell by 1.36 million barrels, according to the Energy Information Administration. The pop shows that traders are taking the news as the first bullish indicator among a sea of bearish technicals.