Crude Oil Jumps 14 Percent
March US crude oil futures staged a surprise rally late Thursday after US Energy Dept data showed that crude stocks fell by 138,000 barrels last week, the first decline this year. Analysts had been expecting an increase of more than 3 million barrels.
For crude, OPEC production cuts may finally be filtering through to the market, analysts said, adding that falls in output typically take between three to six months to have an effect on stocks data.
In contrast gasoline supplies rose by 1.11 million barrels to 218.7 million barrels, whereas a fall of around half a million had been expected.
For crude, OPEC production cuts may finally be filtering through to the market, analysts said, adding that falls in output typically take between three to six months to have an effect on stocks data.
In contrast gasoline supplies rose by 1.11 million barrels to 218.7 million barrels, whereas a fall of around half a million had been expected.
