Oil prices soared on Wednesday after the US government reported a sharp drop in weekly crude inventories in the world's top oil consumer.
New York's main contract, light sweet crude for November delivery soared 1.68 dollars to 77.86 dollars a barrel, after briefly touching its highest level since August 11 at 78.13 dollars a barrel.
London's Brent North Sea crude for November gained 2.06 dollars to reach 80.77 dollars.
The Energy Information Administration reported crude inventories declined by 475,000 barrels for the week ending September 24, more than forecast by most analysts,
Gasoline stocks fell by 3.47 million barrels where experts widely expected a rise by 500,000 barrels. Distillate stocks fell 1.27 million barrels, the EIA also said.
Oil prices were further supported by the continued slide of the US dollar against most key currencies, with the greenback hitting at five-month low against the euro.
