U.S. crude prices jumped to their highest levels in more than 10 months mid-morning Wednesday, rising for the third consecutive session, boosted by ongoing supply disruptions in Nigeria as well as strong demand from China.
Information released Wednesday by the Energy Information Administration indicated that U.S. commercial crude inventories fell by 3.2 million barrels to a total of 532.5 in the week ending June 3.
U.S. crude futures climbed 84 cents to $51.20 U.S. a barrel late morning Wednesday, having hit the highest level since July earlier in the session.
Global benchmark Brent crude futures rose by 96 cents at $52.40 U.S. a barrel, after hitting a high going back to Oct. 12.
Supply disruptions caused by a string of attacks by the Niger Delta Avengers militant group in Nigeria have brought the oil exporter's production to the lowest in 20 years.
The group said on Wednesday it had attacked another oil well owned by U.S. oil group Chevron, adding to assaults on oil infrastructure owned by Shell and ENI.
At the same time, Chinese trade data showed on Wednesday that its May crude oil imports made the biggest year-on-year jump in more than six years, adding to hopes that the economy of the world's second-largest oil user may be stabilizing.
EIA also said gasoline inventories increased by one million barrels in the previous week, while distillate fuel stocks were up 1.8 million barrels, EIA reported.
