Oil Nears Two-month High As EIA Reports a Drop In U.S. Crude Supplies For Fourth Week In a Row

Oil prices climbed to their highest level in almost two months Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 7.2 million barrels for the week ended July 21. That topped the forecast for a decline of 2.5 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday a fall of 10.2 million barrels. Gasoline stockpiles also fell by 1 million barrels, while distillate stockpiles lost 1.9 million barrels last week, according to the EIA. September crude rose 56 cents, or 1.2%, to $48.45 a barrel on the New York Mercantile Exchange. A finish around this level would be the highest since late May. Prices traded at $48.13 before the supply data.