HONG KONG: Oil extended gains above US$49 a barrel as US government data showed an unexpected fall in crude stockpiles, the first decline this year.
Futures rose as much as 1.6% in New York after advancing 2.4 % on Wednesday, snapping a seven-session decline. Crude stockpiles dropped by 237,000 barrels last week, according to an Energy Information Administration report. A Bloomberg survey had forecast a 10th weekly expansion. Iraq plans to increase output to five million barrels a day by the end of 2017, Oil Minister Jabbar Al-Luaibi said at a news conference in the southern city of Basra.
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