Oil climbs over 4% on signs of increasing crude demand
Source: Reuters
Brent crude futures rose $2.70, or 4.2%, to $66.37 a barrel by 11:05 a.m. EDT (1505 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $2.78, or 4.6%, to $62.96 a barrel.
U.S. crude inventories fell by 5.9 million barrels last week, the Energy Information Administration said, exceeding analysts’ forecasts for a 2.9 million-barrel drop. East Coast crude stocks hit a record low.
Gasoline supplied in latest week, indicating the U.S. consumption of the fuel, rose to 8.9 million barrels per day, the highest since August, the EIA report showed.
Gasoline stocks edged higher by 309,000 barrels, less than expectations for a 786,000-barrel rise. Distillate stockpiles fell by 2.1 million barrels in the week, versus expectations for a 971,000-barrel rise.
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