Oil futures rose Wednesday after Saudi Arabia affirmed its commitment to reducing output, then got an added boost after data revealed an unexpected weekly drop in U.S. crude supplies — the first decline in six weeks.
April West Texas Intermediate crude rose $1.44, or 2.6%, to settle at $56.94 a barrel on the New York Mercantile Exchange. That was the biggest one-day dollar and percentage increase since Feb. 1, according to Dow Jones Market Data. Global benchmark April Brent which expires at Thursday’s settlement, rose $1.18, or 1.8%, to $66.39 a barrel on ICE Futures Europe.
The Energy Information Administration on Wednesday reported that U.S. crude supplies unexpectedly dropped by 8.6 million barrels. The decline followed five straight weeks of increases and defied most market forecasts. Informa Economics projected a rise of 3.5 million barrels.The American Petroleum Institute data on Tuesday showed a decline of 4.2 million barrels.
Source : Marketwatch