Oil climbs 5% on signs of increasing crude demand

 (Shafaq News/ Oil prices surged 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.

Brent crude futures rose $3.16, or 5%, to $66.83 a barrel by 1:38 p.m. EDT (1738 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $3.20, or 5.3%, to $63.38 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.

Source: Reuters