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Crude Jumps Most This Year as US Gasoline Inventories Shrink

April 24, 2013 at 20:14 by Vladimir Vyun

Crude oil jumped today, posting the biggest gain this year. The commodity advanced as US gasoline inventories slumped. The Energy Information Administration reported that stockpiles of gasoline shrank by 3.9 million last week.

The rally was somewhat surprise as fundamentals for the most part were detrimental to oil. US reserves of crude grew by 0.9 million barrels last week from the week before. Other news from the United States and Europe was also bad. Analysts have expected crude oil to fall and it may yet do so.

June futures for delivery of WTI oil jumped as much as $2.4 (2.69 percent) to $91.58 per barrel as of 20:11 GMT on NYMEX today. Contract for Brent crude surged $1.57 (1.57 percent) to $101.88 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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