(MENAFN- ProactiveInvestors)
U.S. oil benchmark saw its biggest one-day percentage rise in nearly two months today as traders looked past a further rise in record crude-oil inventories to focus on a small decline in domestic production and a larger-than-expected drop in gasoline supplies.
On the New York Mercantile Exchange West Texas Intermediate futures for delivery in May jumped 5.2% to close at US$50.09 a barrel its best day since February 3.
May Brent crude on London’s ICE Futures exchange rallied 3.6% to settle at US$57.10 a barrel.
The U.S. Energy Information Administration said commercial crude-oil inventories excluding the Strategic Petroleum Reserve climbed 4.8 million barrels in the week ended March 27 to 471.4 million the highest level in around eight decades.
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