Oil settled higher on Wednesday after the EIA reported U.S. crude inventories fell to the lowest since January, 2020, and domestic gasoline inventories fell more than expected. Oil rose for a third session after a U.S. government report showed that crude and gasoline inventories fell despite fears that the delta variant’s spread would sap demand. Futures in New York advanced 1.2% on Wednesday to the highest in more than a week, buoyed by bullish stockpile data. Domestic crude supplies slid to the lowest since January 2020, according to data from the Energy Information Administration. Gasoline inventories dropped more than expected. Crude inventories declining at a time when net petroleum imports are rising, “is a bullish sign, indicating that the delta variant isn’t impacting oil demand, at least not for crude and gasoline,” said Brian Kessens, a portfolio manager at Tortoise Capital Advisors. Oil has had a volatile August. The […]