Citi’s Morse Says Booming US Exports Behind Crude Runup Oil maintained its gains after US government data showed crude inventories in the largest storage hub and gasoline stockpiles dropped, offering little relief to concerns about a global supply crunch. West Texas Intermediate futures rose above $122 a barrel, trading near a three-month high. Inventories at the nation’s biggest storage hub at Cushing, Oklahoma, fell 1.59 million barrels last week, according to an Energy Information Administration report Wednesday. Gasoline inventories also dropped while demand rose. This week’s government inventory report showed “improvement in implied gasoline demand back to 5-year averages,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “Both technical and fundamental factors read positive,” she said, noting WTI appears to be holding $120, a level it’s failed to maintain over the past week. Prices rose earlier in the session on signals that China’s economy is recovering. […]