Oil rose the most this month after a government report showed U.S. crude inventories declined as refineries bolstered operating rates.
Stockpiles slipped 2.1 million barrels last week, according to the Energy Information Administration. Refineries increased operating rates for the first time since July, and supplies of gasoline and distillate fuels surged. Stocks of oil exploration and production companies rallied, while those of refiners fell.
Oil has fluctuated since slumping below $40 a barrel last month as concern that China’s growth was slowing fueled volatility in markets
West Texas Intermediate for October delivery rose $2.56, or 5.7 percent, to settle at $47.15 a barrel on the New York Mercantile Exchange. It was the highest close and biggest one-day gain since Aug. 31. Volume was 42 percent above the 100-day average at 2:55 p.m.
Brent for November settlement climbed $2, or 4.2 percent, to end the session at $49.75 a barrel on the London-based ICE Futures Europe exchange.