Oil prices rose this evening as investors shrugged off concerns over the health of the global economy following an unexpectedly large drop in US crude oil inventories.
US crude stocks fell by 9.85 million barrels last week, according to the weekly inventory data from the Energy Information Administration (EIA). This compared with analysts' forecasts for a drop of 2.5 million. A big drop in stockpiles is seen as a sign of increased demand for energy.
US crude rose 15 cents to $88.43 a barrel, while Brent crude recovered earlier losses and rose 70 cents to $91.85.
The US inventory data overshadowed concerns that the euro zone debt crisis could spread after Spain was warned by Moody's that its debt rating could be downgraded.
Oil prices have been kept high by very cold weather in the United States and Europe, which is expected to continue through the week.
