Oil Rises to Four-Week High as U.S. Crude Stocks Decline

(Bloomberg) -- Oil settled at the highest level in nearly a month after U.S. crude stockpiles decreased and economic data pushed equities higher. West Texas Intermediate futures rose 2.3%, closing above $72 for the first time in two weeks. Prices got a boost after the Energy Information Administration reported crude inventories declined 4.72 million barrels last week. Meanwhile, rising home sales and consumer confidence signaled economic strength, blunting worries about omicron’s impact. “The report was modestly bullish, due to the large crude oil inventory drawdown,” said John Kilduff, a partner at Again Capital LLC. Though he cautioned crude oil inventories typically decline this time of year for tax avoidance purposes.