# Oil Jumps to One-Year High With Depleting Supplies Aiding Rally

> Oil futures rose 2.3% in New York to their highest in over a year after an industry group reported another decline in U.S. stockpiles. Global supply and signs of strength in physical markets supported the rally.

- Date: 2021-02-01 · published 2021-02-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/48810-oil-jumps-to-one-year-high-with-depleting-supplies-aiding-rally
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tightening inventories and firm physical demand lift crude prices, raising energy and transport costs that feed through to feed and freight markets.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2021-02-01/oil-holds-biggest-advance-in-three-weeks-on-demand-optimism

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.