Oil jumped more than 3% to over $61 this evening as a fall in US petrol stocks fueled concerns of tight supplies ahead of the summer driving season in the world's top consumer.
US crude settled up $2.08 to $61.69 a barrel, while Brent crude rose $1.74 to $62.51 a barrel.
Refinery snags, early maintenance and robust demand growth in the United States have drained petrol stocks to 7% below early February levels, with inventories off 3.4 million barrels last week.
But some analysts say worries of a US summer petrol crunch may prove unfounded as rebounding refinery production and imports from Europe should ensure adequate supplies.
