Fall in US stocks boosts oil

A fuel distribution facility connected to the Colonial Pipeline system in an industrial area of the Port of Baltimore in Baltimore, the US, on May 11 2021. Picture: BLOOMBERG/SAMUEL CORUM

Data from the American Petroleum Institute industry group showed US crude oil stocks fell by 2.5-million barrels in the week to May 7, according to two market sources. In the meantime, the market remained on edge, as petrol stations from Florida to Virginia began running out of fuel on Tuesday as drivers rushed to top up their tanks and pump prices rocketed.

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