NEW YORK,April 21-Oil prices stripped a five-day losing streak and rebounded to above $85 on Wednesday as US crude inventory surprisingly fell last week.
Light, sweet crude for May delivery gained $1.79 to settle at $85.84 a barrel on the New York Mercantile Exchange. Crude futures rose to as high as $86.39 a barrel during trading.
US Energy Department Energy Information Administration reported on Wednesday that crude stockpiles fell by 2.2 million barrels, while analysts had forecasted a gain of 1.6 million barrels. The report also showed that gasoline inventories declined by 1.1 million barrels, more than average forecast for a decrease of 600,000 barrels.
Oil prices began to move upward even before the inventory report as strong earnings results and retail sale data reassured investors' confidence in a slow yet steady economic recovery.
In London, Brent crude for May delivery rose $1.44 to $86.16 a barrel on the ICE Futures Exchange.
Light, sweet crude for May delivery gained $1.79 to settle at $85.84 a barrel on the New York Mercantile Exchange. Crude futures rose to as high as $86.39 a barrel during trading.
US Energy Department Energy Information Administration reported on Wednesday that crude stockpiles fell by 2.2 million barrels, while analysts had forecasted a gain of 1.6 million barrels. The report also showed that gasoline inventories declined by 1.1 million barrels, more than average forecast for a decrease of 600,000 barrels.
Oil prices began to move upward even before the inventory report as strong earnings results and retail sale data reassured investors' confidence in a slow yet steady economic recovery.
In London, Brent crude for May delivery rose $1.44 to $86.16 a barrel on the ICE Futures Exchange.
