CDN NEWS | 
US NEWS 
May 9, 2018 by Jessica Summers
(Bloomberg)
Crude rose after an unexpected drop in U.S. crude stockpiles.
Futures in New York rose as much as 3.2 percent on Wednesday to the highest since November 2014. Crude inventories in the world’s largest economy shrank by 2.2 million barrels last week, the Energy Information Administration reported. A Bloomberg survey of analysts forecast a 1 million-barrel gain in stockpiles. Gasoline and distillate inventories also declined.
Prices were already higher on the day following U.S. President Donald Trump’s announcement the nation is withdrawing from the Iran nuclear accord and reinstating sanctions.
West Texas Intermediate crude for June delivery advanced $2.02 to $71.08 a barrel at 10:36 a.m. on the New York Mercantile Exchange. Total volume traded Wednesday was about 23 percent above the 100-day average. Brent for July settlement climbed $2.25 to $77.10 a barrel on the London-based ICE Futures Europe exchange.
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