Oil prices jump as U.S. inventories drop

NEW YORK, March 23 (Xinhua)-- Oil prices surged on Wednesday after data showed a marked drop in U.S. crude stockpiles.

The West Texas Intermediate (WTI) for May delivery added 5.66 U.S. dollars, or 5.2 percent, to settle at 114.93 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased 6.12 dollars, or 5.3 percent, to close at 121.60 dollars a barrel on the London ICE Futures Exchange.