Oil rebounded after slipping below $69 a barrel on Thursday, supported by a record drawdown of US crude stockpiles at the Cushing, Oklahoma delivery hub, despite concerns that Organisation of the Petroleum Exporting Countries (Opec) led output cuts will increase supply from the US. Crude is just below its highest price since December 2014, supported by supply cuts led by Opec and concern that unrest in producer nations such as Nigeria could further curb output. US crude inventories fell by 6.9-million barrels last week, compared with forecasts for a 3.5-million barrel draw, the US Energy Information Administration (EIA) said. Crude supplies at the Cushing, Oklahoma delivery hub for US crude futures fell by 4.2-million barrels in the week, the largest draw since at least 2004. After falling the previous week due to cold weather, US crude production rose to 9.75-million barrels per day last week. Opec’s monthly report on Thursday raised its forecast for oil supply from nonmembers in 2...
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