WTI Bounces Back As Cushing, Oklahoma, Supply Drops

Oil bounced back as an Energy Information Administration report showed a dip in inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate crude traded in New York.

Highlights from market news:

- Futures rose as much as 0.4 percent after stockpiles declined 315,000 barrels at the hub last week to 51.4 million: one month low

- Crude oil for March delivery rose 23 cents to $96.87 a barrel at 12:25 p.m. on the New York Mercantile Exchange

- The European benchmark grade traded at as much as a $20.87- a-barrel premium to WTI, the widest spread on an intraday basis since Dec. 21

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