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Page 14 - Organization Of The Petroleum Exporting Countries On News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Oil climbs 5% on signs of increasing crude demand

3 Min Read NEW YORK (Reuters) -Oil prices surged almost 5% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption. FILE PHOTO: Fuel nozzles with new European labels to standardise pumps in the EU zone are seen at a petrol station in Madrid, Spain, October 11, 2018. REUTERS/Sergio Perez/File Photo Brent crude futures rose $2.91, or 4.6%, to settle at $66.58 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.97, or 4.9%, higher at $63.15 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. [EIA/S]

Oil climbs over 4% on signs of increasing crude demand

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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