Oil price news

Things continue to strengthen our hand.

U.S. oil futures rose to a more than two-month high on Wednesday, bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand, amid ongoing supply concerns over U.S. sanctions on Iran that come into force in November.

Crude inventories fell 2.1 million barrels in the week to Sept. 14 to 394.1 million barrels, the lowest level since February 2015, EIA data showed. Analysts had forecast a decrease of 2.7 million barrels.

U.S. crude futures ended Wednesday's session up $1.27, or 1.8 percent, at $71.12, its best closing price since early July. The rise came after the U.S. Energy Information Administration said crude and gasoline stockpiles fell last week.