Bullionguru’s,”Oil extends gains after data shows big drop in U.S. crude, gas stockpile”

© Reuters. Oil extends gains after supply data

Oil prices rose to the highest levels of the session in North American trade on Wednesday, after data from the U.S. Energy Information Administration showed a large drop in domestic crude and gasoline supplies.

The U.S. West Texas Intermediate crude August contract was at $47.16 a barrel by 10:35AM ET (1435GMT), up 76 cents, or around 1.6%. Prices were at around $46.66 prior to the release of the inventory data


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