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Lower crude stocks lead to jump in oil price

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But prices were capped by mixed signs for oil demand in China, the world's biggest oil importer

An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China. Picture: REUTERS/STRINGER/CHINA OUT

Brent futures rose 72 US cents, or 1.15%, to $63.09 per barrel by 11.50am GMT, while West Texas Intermediate crude gained 57c, or 1%, to $57.69. “Current market conditions are testing the petro-nations’ patience and cohesion … Any major change in policy would come as a surprise”.

 

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