US Shortfall Sends Oil Price Soaring

Oil prices are on the verge of a new record after a report revealed a large drop in US petrol stockpiles before the start of the summer driving season.

The US Energy Information Administration said stocks of “distillate”, which includes diesel and heating oil, slipped by 4.2 million barrels, far surpassing expectations of a 1.4 million-barrel decline. Domestic gasoline supplies fell for the sixth consecutive week, dropping by 3.9 million barrels.
The Independent