Oil prices rose to their highest levels since the end of 2014 after government data showed that US crude oil inventories had fallen in the past week and the market continued to worry about supply disruptions in key fossil fuels.
U.S. Commercial crude oil inventories fell 1.1 million barrels a week before April 13, the US Energy Information Administration reported.
Stocks of gasoline also fell by 3 million barrels, while distillate fuels including diesel fell by 3.1 million barrels
It's a bullish report with the general drawdowns in all, "said John Kulduff, founding partner of the Energy Hedge Funds Again Capital.
"There was a really strong demand for gasoline, summer demand for gasoline," he said.
Gasoline demand was nearly 9.9 million barrels per day.
Crude oil futures were already available After a report by the American Petroleum Institute on Tuesday afternoon had predicted the decline in inventories, the futures are nearing levels that have not been seen since the 2014 Thanksgiving Day to take action To halt the decline in oil prices and bring about an even greater decline.
OPEC ha It has since reversed the course and agreed with Russia and other oil producers to cut production by 1.8 million barrels per day from January 2017. 19659012]