Oil jumps to $105 as US fuel supplies fall

Oil jumped above $105 abarrel, after a US government report showedlarger-than-expected drops in fuel stocks and declining fuelproduction in the world’s top oil consumer. US crude rose $3.87 to $105.09 a barrel by 1726 GMT,extending a 36-cent gain on...

Oil jumped above $105 abarrel, after a US government report showedlarger-than-expected drops in fuel stocks and declining fuelproduction in the world’s top oil consumer. US crude rose $3.87 to $105.09 a barrel by 1726 GMT,extending a 36-cent gain on Tuesday. It has fallen from arecord high of $111.80 reached on March 17.

London Brent added $2.89 at $103.49. “Today’s numbers are a nice bullish surprise and come on a day when the other commodities are picking up as well,” said Mike Zarembski, analyst at optionsXpress in Chicago.

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