NEW YORK, 30 August 2007 — Oil jumped more than 2 percent yesterday after a sharp drop in US crude and gasoline stocks revived supply concerns in the world’s top consumer.
US crude gained $1.62 to trade at $73.35 a barrel by 1:21 p.m. (1721 GMT) while London Brent was up $1.43 at $71.99.
Crude oil inventories fell by 3.5 million barrels in the week to Aug. 24 after storms in the Gulf Coast helped delay imports, the Energy Information Administration reported yesterday.
Gasoline stocks dropped 3.6 million barrels, bringing them to a record low of just 20 days of supply, the EIA added.
Meanwhile, Europe’s main stock markets rebounded yesterday, with London’s FTSE 100 index gaining 0.49 percent to 6,132.20 points.
In Frankfurt the DAX 30 added 0.12 percent to 7,439.18 and the Paris CAC 40 closed 0.84 percent higher at 5,520.02 points. The Dow Jones Industrial Average was up 107.79 points, or 0.83 percent, at 13,149.64.