Crude oil climbed above $100 U.S. a barrel in New York after an Energy Department report showed an unexpected drop in U.S. inventories as refineries bolstered operating rates and imports declined.
Oil advanced as much as 3.5% after the department said supplies fell 15,000 barrels to 370.3 million last week. Inventories were forecast to rise 1.7 million barrels, according to analysts surveyed by Bloomberg News. Refineries operated at 83.2 percent of capacity, the most since the week ended April 1.
Crude oil for June delivery increased $3.32, or 3.4%, to $100.23 U.S. a barrel shortly before noon ET on the New York Mercantile Exchange. Futures are up 44% from a year ago.
Brent crude oil for July settlement increased $2.62, or 2.4%, to $112.61 U.S. a barrel on the London-based ICE Futures Europe exchange.
Imports of crude oil dropped 4.4% to 8.57 million barrels a day, the report showed. Fuel imports declined 14% to 2.26 million barrels a day, the lowest level since the week ended March 11.
Supplies of crude oil at Cushing, Oklahoma, the delivery point for the New York-traded West Texas Intermediate grade, fell 1.59 million barrels to 40 million.
