Oil Up 2% To June Highs After Another US Crude Draw
U.S. refinery utilization rates slid the past four weeks, dropping nearly 2 percentage points last week to 88.3 percent of nationwide capacity. It was around 93 percent two weeks ago.
"The inability of inventories to rebound given the steep drop in refining utilization over the past two weeks is especially bullish," said John Kilduff, partner at New York energy hedge fund Again Capital.
(Additional reporting by Alex Lawler in LONDON and Henning Gloystein in SINGAPORE; Editing by Marguerita Choy and Chizu Nomiyama)
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