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Oil prices rise after sharp drop in US supplies

Published on Jan 16, 2014 5:56 AM

NEW YORK (AFP) - Global oil prices rose on Wednesday following a much bigger-than-expected drop in US crude stockpiles.

US benchmark West Texas Intermediate for delivery in February jumped US$1.58 (S$2.01) to close at US$94.17 a barrel in New York.

European benchmark Brent crude for February gained 74 cents, settling at US$107.13 a barrel in London trade.

The US Department of Energy said commercial crude inventories fell by 7.7 million barrels in the week ending January 10. That compared with the average estimate of a decline of 800,000, according to a poll of analysts by Dow Jones Newswires.

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