Oil Prices Jump on Inventory Data, Demand Outlook, from The Wall Street Journal.
Prices rise to highest of the year on signs production may be peaking and global demand is rising
U.S. oil prices surged to their highest point of the year on signs that the country’s crude production may be peaking.
The nation’s oil output declined last week for the second time in three weeks, the first time that has happened since January, according to data from the U.S. Energy Information Administration released on Wednesday. It is the latest sign that the U.S. oil boom, which contributed to oil’s steep selloff in recent months, is slowing.
Traders and investors seized on the news, sparking the biggest one-day dollar gain for the benchmark U.S. oil price in two months. Prices around the world have now climbed steadily for about a month, upending some analysts’ expectations that the market would continue to test the lowest levels since the financial crisis.
Click here to read the entire article >>