NEW YORK, March 26 -- Crude futures surged more than 4 U.S. dollars a barrel Wednesday on the weak dollar and U.S. inventories report.
The Euro reached 1.57 dollars on Wednesday after a buoyant reading on business sentiment in Germany.
Meanwhile, the Energy Department said the United States' inventory of crude oil, gasoline and distillate fuels was lower than expected last week.
Gasoline and distillate stocks, which include heating oil and diesel fuel, dropped much more than forecast, while crude oil inventories were unchanged, according to the Energy Information Administration's weekly inventory report.
Light, sweet crude for May delivery rose 4.68 dollars to settle at 105.90 dollars a barrel on the New York Mercantile Exchange.
In London, May Brent crude rose 3.39 dollars to 103.99 dollars a barrel on the ICE Futures exchange.
The Euro reached 1.57 dollars on Wednesday after a buoyant reading on business sentiment in Germany.
Meanwhile, the Energy Department said the United States' inventory of crude oil, gasoline and distillate fuels was lower than expected last week.
Gasoline and distillate stocks, which include heating oil and diesel fuel, dropped much more than forecast, while crude oil inventories were unchanged, according to the Energy Information Administration's weekly inventory report.
Light, sweet crude for May delivery rose 4.68 dollars to settle at 105.90 dollars a barrel on the New York Mercantile Exchange.
In London, May Brent crude rose 3.39 dollars to 103.99 dollars a barrel on the ICE Futures exchange.
