Oil Rises 3 Percent on Drop in U.S. Inventories

Reuters reported that Brent crude surged 3 percent bolstered by government data showing significant drops in U.S. inventories.

As quoted in the market news:

While demand in top consumer the United States remained weak, data from the U.S. Energy Information Administration showed a steep drop in imports last week helped drive crude inventories to their lowest since January. Stockpiles of refined products also fell.

“The EIA reported better-than-expected numbers, particularly the crude draw,” said Joe Posillico, broker for MF Global in New York.

Click here to read the full Reuters report