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Oil Jumps on Bullish U.S. Gasoline Draw, OPEC Speculation

09 Mar. 2016

Oil prices surged as much as 4 percent on Wednesday, with Brent back above $40 a barrel, after a big draw in U.S. gasoline convinced the market that energy demand was improving despite U.S. crude stockpiles at record highs.

Crude oil prices also rose on speculation that top producers might agree soon to an output freeze. Brent futures LCOc1 were up $1.30, or 3.2 percent, at $40.95 a barrel by 12:03 p.m. EST. U.S. crude futures CLc1 rose $1.50, or 4 percent, to $38.

The U.S. Energy Information Administration said crude stockpiles USOILC=ECI rose 3.9 million barrels to nearly 522 million barrels, as predicted by analysts in a Reuters poll.

Read full article from Reuters