Oil prices rose today after a US government report showed a surprise decline in stockpiles and OPEC said it would maintain official output curbs.
US crude rose 40 cents to $71.71 a barrel by 5.55pm, while London Brent rose eight cents to $69.91.
The gains came after data from the US Energy Information Administration showed crude inventories in the US fell a larger-than-expected 5.9 million barrels as imports slowed and refiners raised run rates.
The EIA report also showed demand for petrol in the US running at 2% higher than a year ago - a sign the slump in consumption caused by the recession may be petering out.
Analysts said, however, that the bullish impact of the report was tempered by increases in stockpiles of gasoline and distillates like diesel and jet fuel.
Earlier, the International Energy Agency said daily global oil demand will be almost half a million barrels higher than previously forecast this year and next on stronger-than-expected US and Asian consumption.
Oil prices sank towards $30 a barrel last winter as global energy demand shrank for the first time in a quarter century.
The Organisation of the Petroleum Exporting Countries, meeting in Vienna, said it saw no need to change output formally, although some members called for stricter compliance on existing curbs.
