Crude Prices Jump as U.S. Inventories Fall Unexpectedly

Crude prices jumped on Thursday as U.S. oil inventories fell unexpectedly.

The Energy Information Administration said crude stocks decreased by 200,000 barrels to 350.6 million barrels for the week ended Friday. Analysts had expected the stock to grow by 3.5 million barrels.

Total gasoline inventories rose 1.1 million barrels last week, or 0.5 percent, to 218.7 million barrels compared with analysts' projection of a decline of 1 million barrels.

Natural gas inventories held in underground storage in the lower 48 states fell by 24 billion cubic feet to about 2 trillion cubic feet for the week ended Friday.

Light, sweet crude for March delivery surged 14 percent, or 4. 86 U.S. dollars, to settle at 39.48 dollars a barrel.

In London, the March Brent contract rose 1.94 dollars to 41.49 dollars on the ICE Futures exchange.

Source: CRIEnglish