Oil climbed after government data showed a decline in US stockpiles, signaling a tighter physical market. West Texas Intermediate settled near $79 a barrel as crude oil inventories fell by 1.36 million barrels, according to the Energy Information Administration. The pop shows that traders are taking the news as the first bullish indicator among a sea of bearish technicals. Earlier in the session, WTI sunk to its lowest level since mid-March. Oil has been on a downtrend since early April, posting losses in three of the past four weeks, with weakness not just in timespreads but in processing margins too. That decline ... (full story)