Crude oil and gasoline stockpiles fell again last week, adding more support to oil prices already rising on geopolitical concerns.
Crude inventories decline by 1.4 million barrels last week, the Energy Department reported Wednesday, while gasoline stocks fell by 3.8 million barrel.s
Oil prices, which had slipped in early trading, quickly reversed course after the inventory data was released and rebounded to more than $71 a barrel.
Demand for petroleum rose modestly. Over the past four weeks, consumption of all petroleum climbed to 20.1 million barrels a day, up 1.5 percent from the same period a year ago. Gasoline consumption rose less than 1 percent to 9.4 million barrels a day.
President Donald Trump’s decision to impose new sanctions on Iran’s oil exports helped push oil over $70 a barrel recently. Tensions in Gaza have also helped prices rise. [read more]