U.S. benchmark oil prices snapped back with gains Thursday, a day after a decline had followed a reported hefty weekly rise in domestic crude inventories.
Gasoline futures continued their sharp advance at multimonth highs after U.S. data focused on this segment of the market showed a drop in U.S. gasoline stockpiles that was more than double market expectations.
West Texas Intermediate crude for April delivery was up 66 cents, or 1.2%, at $56.88 a barrel on the New York Mercantile Exchange. May Brent rose 83 cents, or 0.2%, to $65.99 a barrel on ICE Futures Europe.
April gasoline was up 3 cents, or 1.5%, at $1.816 a gallon. On Wednesday, it rose 1.2% to settle at $1.789 a gallon on Nymex—the highest finish for a front-month contract since Oct. 30, according to FactSet data.