Crude rose for a third day after an industry report showed an unexpected drop in U.S. stockpiles just as planned cuts and disruptions to OPEC output are tightening supply.
Futures in New York added as much as 1.1 percent. U.S. crude inventories declined by 2.58 million barrels last week, the American Petroleum Institute was said to report. That contrasts with a survey showing an increase in stockpiles in government data due Wednesday. While OPEC nations like Saudi Arabia press on with planned production curbs, crises in fellow members Venezuela and Iran are also removing barrels from the market.
West Texas Intermediate for April delivery climbed as much as 63 cents to $57.50 a barrel on the New York Mercantile Exchange and traded at $57.47 at 10:49 a.m. in London.
Brent for May settlement rose 52 cents to $67.19 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $9.38 premium to WTI for the same month.
Source : Bloomberg