Crude oil jumps on steep drop in US stockpiles

MELBOURNE: Oil prices rose nearly 1% on Wednesday, extending overnight gains, after industry data estimated U.S. crude stockpiles fell much more than expected last week reinforcing bullish views on fuel demand in the world’s largest economy.

U.S. West Texas Intermediate (WTI) crude futures leapt 60 cents, or 0.9%, to $66.29 a barrel at 0130 GMT, after climbing to $66.45, its highest since March 8.