Oil futures prices rose to their highest level in three months Wednesday following a report of a steep drop in U.S. oil stockpiles and fresh tensions in the Middle East.And then this:
Light, sweet crude for September delivery settled 90 cents, or 1%, higher at $94.33 a barrel on the New York Mercantile Exchange, the highest finish since May 14. Brent crude on the ICE futures exchange recently rose $2.20, or 1.9%, to $116.23 a barrel.
Crude futures jumped from earlier losses after the Energy Information Administration said U.S. oil stockpiles fell 3.7 million barrels last week. The drop was well above the 1.9 million-barrel-draw forecast by analysts surveyed by Dow Jones Newswires, and came as U.S. demand for gasoline rose to a 13-month high.
The demand jump comes as a surprise...Okay.