FuelFix | Brian Rausch
Oil rose after a government report showed that U.S. crude stockpiles fell a ninth week, marking the longest stretch of declines on record.
Crude inventories fell 2.34 million barrels last week, according to the Energy Information Administration. Supplies remain at the highest seasonal level in at least a decade. Refineries bolstered operating rates to the highest level this year. Prior to the report, prices fell to the lowest level in more than two months as the Bloomberg Dollar Spot Index climbed to a seven-week high. “We are continuing to see crude being made into products,” said Chip Hodge, who oversees a $12 billion natural-resource bond portfolio as senior managing director at John Hancock in Boston. “We have to slog through a great deal of excess supply before the market returns to balance.”