AFP, New York :
Oil prices climbed more than five percent Wednesday after US inventory data showed a sizeable drop in petroleum stocks, the first decline in seven weeks.
US benchmark West Texas Intermediate for May delivery gained $1.86 to $37.75 a barrel on the New York Mercantile Exchange.
Brent North Sea oil for June delivery rose $1.97 to $39.84 a barrel in London.
US commercial crude oil inventories fell by 4.9 million barrels for the week ending April 1, according to US Department of Energy data.
The report, following a 2.3 million barrel increase last week, represented a sharp swing that suggests a significant shift in the market, said Bob Yawger of Mizuho Securities. The data also showed a rise in refinery utilization, suggesting petroleum refiners may be finishing maintenance season earlier than usual, he said.
Oil prices climbed more than five percent Wednesday after US inventory data showed a sizeable drop in petroleum stocks, the first decline in seven weeks.
US benchmark West Texas Intermediate for May delivery gained $1.86 to $37.75 a barrel on the New York Mercantile Exchange.
Brent North Sea oil for June delivery rose $1.97 to $39.84 a barrel in London.
US commercial crude oil inventories fell by 4.9 million barrels for the week ending April 1, according to US Department of Energy data.
The report, following a 2.3 million barrel increase last week, represented a sharp swing that suggests a significant shift in the market, said Bob Yawger of Mizuho Securities. The data also showed a rise in refinery utilization, suggesting petroleum refiners may be finishing maintenance season earlier than usual, he said.
