Oil
ended at the highest level in almost two months in New York after a
government report showed U.S. refineries boosted their use of crude.
West
Texas Intermediate futures rose for a third day after the Energy
Information Administration said fuel plants processed 16 million barrels
a day of crude last week, the highest level for this time of year in
data going back to 1989. Gasoline inventories fell by 1.47 million
barrels.
Crude
has surged 32 percent since closing at a 12-year low on Feb. 11 on
speculation low gasoline prices will boost demand. Russian oil producers
met with President Vladimir Putin to pledge support for a plan agreed
with Saudi Arabia and other nations to freeze output at January levels.
U.S. crude inventories rose by 10.37 million to the highest since 1930,
the EIA said.
WTI
for April delivery gained 26 cents, or 0.8 percent, to $34.66 a barrel
on the New York Mercantile Exchange, the highest settlement since Jan.
5.
Brent
for May settlement climbed 12 cents to $36.93 a barrel on the
London-based ICE Futures Europe exchange. The global benchmark crude was
at a premium of 63 cents to WTI for May.
Source: Bloomberg
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