- POSTED: 30 May 2014 05:48
US oil prices jumped on fresh US stockpiles data while in London crude prices were only slightly higher.
NEW YORK: US oil prices jumped on Thursday on fresh US stockpiles data while in London crude prices were only slightly higher.
The US benchmark, West Texas Intermediate (WTI) for delivery in July, climbed 86 cents from late Wednesday to close at $103.58 a barrel.
Brent North Sea crude for July gained 16 cents to stand at $109.97 a barrel in London deals.
The New York futures price jumped after the US Department of Energy's weekly oil report showed a strong drawdown in gasoline stockpiles and commercial crude stores in the Cushing, Oklahoma, depot for WTI.
Overall crude inventories rose by 1.7 million barrels last week, but gasoline supplies fell by 1.8 million barrels, a healthy sign for consumption ahead of the US summer holiday driving season.
James Williams of WTRG Economics said the US rise was tied mainly to the 1.5 million barrel fall in the Cushing reserves, to 21.7 million barrels, less than half of the level a year ago.