Oil drives toward $70 as sagging US stockpiles aid bull bets

Oil extended a rally after US stockpiles fell and reopening drives in the US and Europe showed signs of boosting demand.

Brent neared $70 a barrel and West Texas Intermediate climbed for a third day. Gasoline futures surged to the highest since July 2018.

The American Petroleum Institute reported crude supplies fell by 7.69 million barrels last week, according to people familiar with the data. If confirmed by government figures on Wednesday, that would be the largest drop since late January. The API report also showed lower gasoline and distillate inventories.

Aiding the outlook for improved oil consumption, the U.S. is setting a new target of 70% of U.S.