Oil rallies as U.S. stockpiles shrink, Black Sea terminal shuts

Oil pushed higher after a government report showed U.S. crude inventories dropped, while storm damage to a vital Black Sea export terminal worsened supply risks. 

West Texas Intermediate futures topped US$115 a barrel after the U.S. Energy Information Administration said Wednesday that crude stockpiles fell 2.51 million barrels last week. Prices were already rising on the news that a major Black Sea oil export terminal halted loadings and faces weeks of disruption. Exports could be curtailed by 1 million barrels a day, further depriving the European market.

Meanwhile, European Union and . . .