Gasoline futures rallied on Wednesday to mark their highest finish since October, scoring a lift from a hefty decline in weekly U.S. stockpiles, which also provided a boost to oil prices.
Traders also digested a monthly OPEC report that showed significant March output cuts by the Organization of the Petroleum Exporting Countries.
U.S. benchmark West Texas Intermediate crude for May delivery on the New York Mercantile Exchange rose 63 cents, or 1%, to settle at $64.61 a barrel. Prices for the front-month contract saw the strongest finish since Oct. 31, according to Dow Jones Market Data.
Gasoline futures made the biggest move on Nymex, with the May futures contract up 7 cents, or 3.5%, to finish at $2.069 a gallon. Prices logged their highest settlement since Oct. 9. May heating oil rose 4.3 cents, or 2.1%, at $2.088 a gallon.
On the ICE Futures Europe exchange, June Brent added $1.12, or 1.6%, to $71.73 a barrel. The settlement was the highest for a front-month contract since Nov. 7.
Source : MarketWatch