Oil rose more than 3% to above $76 a barrel on Wednesday in the biggest one day percentage in about five weeks after US inventory data showed crude oil inventories in the world’s top energy consumer fell more than expected.
MCX Commodity Tips
Commercial crude oil stock piles fell 4.9 million barrels to 327.5 million barrels last week, according to weekly inventory data from the US Energy information Administration far exceeding the 900000 barrel drop forecast by analysts. US crude for February settled at $76.67 a barrel up $2.27. Crude oil climbed as high as $77 a barrel on Wednesday for the first time since December 4. The contract has gained about $7 since December 14 when it hit a nearly two and a half month low.
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