Oil price jumps as inventories drop

Oil prices shot up after weekly inventory data showed that U.S. stockpiles of crude oil and fuel fell for the first time in 10 weeks.

 11:00 AM Crude Inventories 09/03 -14.513 M

In the U.S., federal data showed crude oil stockpiles fell by 14.5 million barrels last week, the biggest drop since 1999 and the second biggest decline on record in weekly data going back to 1982, according to the U.S. Energy Information Administration. Total commercial stockpiles of crude oil and refined products fell by 13.7 million barrels.

The drawdown jolted the market. Traders and analysts surveyed by The Wall Street Journal had been expecting a 500,000 barrel increase in crude stockpiles. But some market participants don’t believe it reflects a turning point.

WTI weekly 9/16