By Mahmoud Gamal
Mubasher: World oil prices rebounded yesterday as US gasoline inventories sharply fell, boosting the demand outlook in the global market.
On 9 March, gasoline inventories dropped 4.5 million barrels. And inventories of distillates, including diesel and heating fuel, saw a slide of 1.1 million barrels.
U.S oil futures jumped $1.79, or 4.9%, to 38.29 a barrel, registering the highest level in three months.
Brent crude oil futures leaped to $41.07 a barrel, up $1.42 or 3.6%.
The decline in gasoline inventories strongly backed the rally of crude oil, said Ahmed Karm, analyst, adding that another potential output agreement also played a role in the latest top-up.
Oil rally had lifted world stocks that are putting all eyes on the assembly of European Central Bank on Thursday.
Japan's Nikkei opened Thursday higher 1.01%.
Yesterday, the Dow Jones Industrial Average, S&P index, Nasdaq Composite moved up 0.2%, 0.5%, and 0.5% respectively.
Likewise, FTSEurofirst 300 Index, France's CAC, and Germany's DAX grew by 0.45%, 0.5% and 0.3% correspondingly.
Translated by Ahmed El-Sayed Ali
