Oil extends gains after US fuel stocks drop
[LONDON] Brent crude oil rose above US$67 a barrel towards five-month highs on Wednesday after US crude stockpiles fell for a second straight week, suggesting the world's biggest oil market is rebalancing.
US crude oil stocks fell by 2.2 million barrels to 484.84 million barrels last week, the Energy Information Administration (EIA) said. Stocks at the key delivery hub of Cushing, Oklahoma fell by 990,000 barrels to 60.68 million barrels. "The report is clear cut in its bullish message to the market," said John Kilduff, partner at Again Capital LLC.
Brent for June was up 41 cents at US$67.27 a barrel by 1448 GMT. Brent hit a high of US$69.63 on May 6, its strongest since December.
US crude was up 17 cents at US$60.92 a barrel after reaching an earlier high of US$61.83.
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