Oil jumped Thursday as a U.S. inventory report reveled the largest stockpile reduction at Cushing since June. Oil rose in tandem with equities after traders digested a U.S. inventory report showing the biggest decline in crude stockpiles at the Cushing, Oklahoma, storage hub since June. Futures in New York rose 1.1% on Thursday to settle at a fresh, nearly seven-year high with the stock market heading toward its best day since March. Supplies at the nation’s largest storage site at Cushing slid last week as traders sent more crude to the U.S. Gulf Coast for export. “The market is in a severe backwardation right now, so there’s really no incentive to store crude oil,” said Tariq Zahir, managing member of the global macro program at Tyche Capital Advisors LLC. However, domestic crude inventories increased by more than 6 million barrels last week — more than expected — while oil […]