U.S. WTI crude oil surpasses $65/bbl for the first time since December 2014 before pulling back slightly, after data showed the 10th straight weekly drop in U.S. crude stockpiles.
WTI reached a high of $65.42/bbl, with its discount to Brent narrowing to $5/bbl vs. ~$6.50 at the beginning of the year; Brent also hits a new three-year high, climbing to $70.43/bbl.
The 1.07M-barrel U.S. drawdown was led by a 3.15M-barrel drop at the Cushing, Okla., storage hub, with traders citing a ramp-up in volumes on Plains All American's (PAA +0.4%) 200K bbl/day Diamond pipeline from Cushing to Memphis, Tenn.
Cushing stocks have fallen by more than 12M barrels over the past four weeks to 39.24M barrels and are now 40% lower than a year ago.
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