Oil Stages a Comeback on Equity Advance and Lower U.S. Supplies
- Domestic distillate inventories fell by the most since mid-May
- U.S. equities rebound for a second session on strong earnings
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Oil jumped the most since mid-April amid broader market gains and after a U.S. government report showed declining fuel and distillate stockpiles during the high-demand summer driving season.
Futures rose 4.6% in New York on Wednesday with U.S. equities advancing as better-than-expected corporate earnings took the focus off concerns about the economic impact of coronavirus flareups. Domestic distillate supplies fell by the most since mid-May and gasoline stockpiles also dropped last week, according to an Energy Information Administration report. Crude is clawing back from losses made Monday, when prices dropped more than 7% on Covid concerns.