Oil Extends Gain After U.S. Inventories Decline to 7-Month Low

September 22, 2016 6:22 AM

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Oil extended gains after weekly government data showed U.S. inventories dropped to the lowest since February, trimming stockpiles at the highest seasonal level in at least three decades.

November futures rose as much as 1.2 percent in New York after advancing 2.9 percent on Wednesday. Inventories fell by 6.2 million barrels last week, according to the Energy Information Administration. A Bloomberg survey before the report forecast a 3.25 million barrel gain. OPEC members Saudi Arabi...

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