EnergyWatch

Oil climbs as industry tally said to show massive withdrawal

Crude oil increased after an industry report allegedly revealed a huge withdrawal from the biggest US storage complex.

Photo: Wintershall

Crude rose after an industry report was said to disclose the largest-ever withdrawal of oil from the biggest U.S. storage complex.

Futures added to Wednesday's 0.4 percent advance after the American Petroleum Institute was said to have reported stockpiles at the pipeline hub in Cushing, Oklahoma, fell by 3.94 million barrels last week. That would be the most significant draw on record if a government report confirms it on Thursday. The report was also said to show that crude inventories nationwide slid by 5.12 million barrels, exceeding the 3.15 million decline forecast by analysts in a Bloomberg survey.

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