Oil prices briefly pushed above $62 a barrel this afternoon to touch a new six-month high. This came after figures showed a drop in US crude reserves.
US crude oil and petrol stockpiles fell sharply last week, the US Energy Information Administration said, with crude down 2.1 million barrels and petrol falling by 4.3 million barrels from last week. The falls were bigger than analysts had expected.
US crude was up $1.47 to $61.57 a barrel this evening after briefly touching $62.14, and London Brent rose $1.26 to $60.17.
Fire struck petrol-making units at two US refineries this week, triggering a jump of around 8% in US petrol futures. Unrest in OPEC member Nigeria, Africa's top oil and gas exporter, also drove up prices this week, while a falling dollar also helped lift demand.
Oil prices have been on an upward trend since mid-April, recovering from below $33 in December after a plunge from record highs above $147 in July. Commodities markets have closely tracked stock markets in recent months as dealers seek signs of economic health.
