Oil prices rise on falling U.S. crude inventories
Oil rallied after a U.S. industry report showed another big draw in crude inventories, pointing to a tightening market, and China’s central bank added liquidity to quell concern about a major developer’s debt woes.West Texas Intermediate traded above $71 a barrel after rising as much as 1.9%. Nationwide stockpiles sank more than 6 million barrels, including a at the key storage hub in Cushing, Oklahoma, according to the industry-funded American Petroleum Institute.Crude has fared strongly in September after extreme weather disrupted U.S. supplies and as a rally in natural gas spurred expectations oil demand may benefit from switching. In Asia, China’s central bank injected more short-term cash into the financial system, alleviating some co.....