Oil Climbs as US Product Stockpiles Drop and Equities Advance

Pumping jacks works in an oil field. Photographer: Martin Divisek/Bloomberg Oil rose after a government report showed a decline in domestic product stockpiles, while strength in broader markets supported crude prices. West Texas Intermediate climbed as much as 1.9% to trade above $62 a barrel, aided by gains in US equities. The Energy Information Administration reported a 763,000-barrel weekly drop at the Cushing hub in Oklahoma, as well as lower oil-product holdings across the board. US distillate stock ...