World oil prices surged this evening after news that fuel stockpiles in the US slumped last week, indicating strengthening demand in the world's top energy consumer.
The market was also boosted by news of soaring Chinese exports, and after the Organisation of Petroleum Exporting Countries (OPEC) lifted its forecast for world oil demand growth.
US crude jumped $1.19 to $82.67 a barrel, while London's Brent North Sea crude leapt $1.25 to $81.16.
The US government's Department of Energy (DoE) announced that petrol stockpiles tumbled 2.9 million barrels in the week to March 5. That surprised the market, where expectations had been for a modest increase of 100,000 barrels.
The DoE added that distillates, which include diesel and heating fuel, sank by 2.2 million barrels, which was far heavier than predictions of a 700,000-barrel drop. US crude oil inventories, meanwhile, climbed 1.4 million barrels, a smaller rise than analysts had expected.
In Vienna, OPEC slightly upgraded its forecast for modest growth in world oil demand this year, but warned that the slow pace of economic recovery was clouding the outlook.
Meanwhile, China, the second biggest oil consumer after the US, provided further support for oil with news of an ever improving economy. It said its exports soared for the third straight month in February and at their fastest pace in three years.
