Crude oil rose after a government report showed that U.S. inventories declined the most in more than a year as imports tumbled and refineries increased operating rates.
Stockpiles dropped 8.4 million barrels last week, the most since the week ended May 23, 2008, the Energy Department report showed. Imports slipped 15 percent to 8.53 million barrels a day, the biggest drop and lowest rate since September when hurricanes struck the Gulf of Mexico coast.
Crude oil for September delivery increased $1.90, or 2.8 percent, to $71.09 a barrel at 10:35 a.m. on the New York Mercantile Exchange. Prices are up 59 percent this year.
Brent crude oil for October settlement rose $1.17, or 1.6 percent, to $73.54 a barrel on the London-based ICE Futures Europe exchange.
A decline of 1.2 million barrels was forecast, according to the median of 13 analysts surveyed.
