LONDON, Feb 25: Oil prices rallied on Wednesday, winning more than $2 in New York, as the market reacted to news of sliding gasoline or petrol reserves in key energy consumer the United States.
Brent North Sea crude for delivery in April jumped $1.38 to $43.88 a barrel.
New York’s main contract, light sweet crude for delivery in April, soared $2.09 to $40.80 per barrel.
The US Department of Energy (DoE) said on Wednesday that American gasoline stockpiles slid by 3.4 million barrels in the week ending February 20.
That compared with market expectations for no change, according analysts polled by Dow Jones Newswires.—AFP
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