Oil gains over 2 per cent on inventory draws, Iraq fighting

Oil prices jumped more than 2 per cent on Thursday, giving Brent its biggest rally in more than a week, as draws reported in the Cushing delivery point for US crude futures boosted optimism that a supply glut was easing.

Fighting in Iraq that raised worries about the security of Middle East oil shipments also boosted the market.

US crude settled up $1.74, or nearly 3 per cent, at $60.72 a barrel.

Brent, the more widely used benchmark, settled at $66.54, up $1.51, or 2.3 per cent.

The last time Brent rose by more than 2 per cent in a day was on May 12

Brent has rallied to above $66 from a near six-year low of about $45 in January.

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Posted in: Indian Market Tips