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U.S. crude inventory fall buoys oil, worries about rally persist

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Crude oil prices jumped on Wednesday and settled near three-year highs after U.S. government data showed a drop in crude inventories and production, even as fuel inventories rose.U.S. crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast, but bigger-than-expected builds in gasoline and fuel stocks offset that drawdown, the Energy Information Administration reported.The market was bolstered modestly by data showing a sharp decline in U.S. production last week. Analysts said that could have been the result of extreme ...

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First Published: Thu, January 11 2018. 02:17 IST