Oil rises to 13-week high as US gasoline demand rises

Oil prices rose more than 2% to hit a 13-week high as US gasoline demand continued to rise as US gasoline stocks unexpectedly fell by 800,000 barrels as demand for fuel rose despite higher pump prices.

The Energy Information Administration said that US commercial crude oil stocks rose unexpectedly last week, while crude in the Strategic Petroleum Reserve fell by a record amount, with refinery inputs rising to their highest levels since January 2020. Brent crude futures rose $3.01, or 2.5%, to $123.58 a barrel, and US West Texas Intermediate crude futures rose $2.70, or 2.3%, to $122.11 a barrel.