Futures Movers: Oil prices rally back to nearly 4-year highs despite biggest weekly U.S. crude supply rise of the year

Oil futures rallied on Wednesday as reported declines in Iranian exports due to pending U.S. oil sanctions and uncertainty surrounding the ability of other major oil producers to make up for the loss, lifted U.S. and global prices back to nearly four-year highs.

The strong gains came despite data from the U.S. government which revealed the largest weekly rise of the year in U.S. crude inventories.

“The market is having problems reconciling the supply risk from Iran and questions about how much Saudis will pump and a bearish report,” James Williams, energy economist at WTRG Economics, told MarketWatch.

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