Oil futures settled at their highest level since November yesterday, as weekly data revealed a surprise decline in U.S. crude stockpiles and a bigger-than-expected drop in gasoline inventories. West Texas Intermediate crude rose 2.4 percent to end at $58.26 a barrel.
The Energy Information Administration reported yesterday that U.S. crude supplies fell by 3.9 million barrels for the week ended March 8, well below expectations for a climb of 3.3 million barrels expected by analysts polled by S&P Global Platts. The EIA also reported that total domestic crude production inched down 100,000 barrels to 12 million barrels a day.
The EIA also lifted its 2019 forecasts for U.S. and global benchmark oil prices. That report, combined with U.S. sanctions on the oil industries in Iran and Venezuela, means we should probably expect oil prices to rise even further.
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