Commodities
Oil Gains as US Stockpile Data Highlights Tighter Supply Outlook
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Oil advanced after a US government report reinforced expectations of tighter near-term supplies, injecting some bullishness about the market’s fundamentals.
West Texas Intermediate futures rose 0.9% to approach $70 a barrel and notch the highest closing price this month. US inventories fell by 3.34 million barrels last week and now sit at the lowest levels in about a month, US government data showed. Gasoline inventories also dropped.