Oil extends gain as signs of stockpile draw raises supply fears

  • Oil & Gas
  • Wednesday, 12 Sep 2018

SINGAPORE: Oil extended gains near US$70 a barrel as shrinking crude inventories and slowing production growth in the U.S. raised fears of an impending supply crunch.

Futures in New York climbed as much as 1.3 percent after posting the biggest gain in more than two months on Tuesday. U.S. inventories slid 8.64 million barrels last week, the American Petroleum Institute was said to report, while the U.S. government cut its outlook for oil production due to pipeline bottlenecks. 

Oil & Gas , WTI , Brent