Oil jumps on steep drop in US crude stocks
Oil prices rose nearly 1 per cent on Wednesday, extending overnight gains, after industry data estimated US crude stockpiles fell much more than expected last week reinforcing bullish views on fuel demand in the world’s largest economy.
US West Texas Intermediate (WTI) crude futures leapt 60 cents, or 0.9 per cent, to $66.29 a barrel at 7 am, after climbing to $66.45, its highest since March 8.
Brent crude futures jumped 58 cents, or 0.8 per cent, to $69.46 barrel after touching a more than seven-week high of $69.64.
Both benchmark contracts rose nearly 2 per cent on Tuesday ahead of data from the American Petroleum Institute industry group.
