Crude prices rebound on U.S. data
Crude prices rebounded after a three-week plunge on Wednesday as data showed U.S. oil demand increased, Xinhua reported.
The U.S. Energy Information Administration said Wednesday in its weekly report that U.S. gasoline supplies dropped unexpectedly last week while demand for oil products over the past four weeks is up almost 7 percent from a year ago.
Crude oil inventories rose 2.4 million barrels last week and extended a buildup for 16 of the past 17 weeks.
Gasoline stocks fell by 200,000 barrels while distillate stocks, including diesel and heating oil fell 300,000 barrels.
Light, sweet crude for July delivery was up 2.76 U.S. dollars to settle at 71.51 dollars a barrel on the New York Mercantile Exchange.
In London, the Brent crude rose 2.19 dollars to settle at 71.74 dollars a barrel on the ICE futures exchange.