Oil advances beyond $62

LONDON (Reuters) – Oil prices climbed above $62 a barrel on Thursday, building on gains the previous day spurred by unexpectedly large falls in fuel stocks in top consumer the United States.

U.S. crude was up 64 cents at $62.43 a barrel by 1050 GMT, after ending 33 cents higher on Wednesday. London Brent crude was up 83 cents at $62.72.


U.S. data on Wednesday showed unexpectedly large draws in inventories of distillates, including heating oil, which fell 3.8 million barrels, while gasoline slid 1.9 million barrels.

“The EIA numbers that came out yesterday were on the constructive side, but we thought a bullish set of figures would, at most stabilize the markets and not necessarily ignite a charge higher,” Man Energy said in a research report.

Reuters