U.S. oil prices rallied to a two-week high Wednesday after government data showed an unexpectedly large decline in U.S. stockpiles, a rare reprieve from the flood of oil that had been flowing into storage. The U.S. Energy Information Administration said crude-oil inventories fell by 5.9 million barrels last week. Analysts surveyed by The Wall Street Journal had predicted they would rise by 600,000 barrels. Industry group American Petroleum Institute had reported a 3.6-million-barrel decline in oil supplies, sending prices up earlier in the morning. Stockpiles had grown in 11 of the last 12 weeks, deepening the global glut of crude that had sank oil prices by nearly 70% between last year’s highs and Tuesday’s close. This drawdown isn’t enough on its own to suggest a shrinking glut, but traders will be watching to see if it starts a trend, said John Saucer, vice president of research and analysis at […]