Oil price jumps 3% on US stockpiles drop; further OPEC output cuts seen

Brent crude futures ended the session up $2.18, or 3.6%, at $63 a barrel after climbing to as much as $63.51. U.S. West Texas Intermediate (WTI) crude futures settled up $2.33, or 4.2%, at $58.43 after touching a session high of $58.66 a barrel.(Filepic shows oil storage in Cushing, Oklahoma.)

NEW YORK: Oil prices surged more than 3% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles.

Brent crude futures ended the session up $2.18, or 3.6%, at $63 a barrel after climbing to as much as $63.51. U.S. West Texas Intermediate (WTI) crude futures settled up $2.33, or 4.2%, at $58.43 after touching a session high of $58.66 a barrel.