Oil prices rose again this evening after a US government inventory report showed large drops in stockpiles of petrol and distillates, which include heating oil.
US crude rose 58 cents to $75.76 a barrel, after climbing as high as $76.23, its highest since October 2008. London Brent crude was up 39 cents at $73.49.
US oil product inventories recorded surprise falls last week as refiners curtailed operations, prompting a rise in crude oil supplies, Energy Information Agency data showed.
The price of crude is now higher than it was a year earlier for the first time since October 10, 2008. The current six straight days of gains mark its longest winning streak since July.
Oil has marched in step with a recovery across markets, echoing rallies in stock markets, gold and base metals based on the view that economic recovery is gathering strength. But traders and analysts remain wary that rising prices based on expectations of a revived economy are out of step with still fragile demand for oil.
