India, Jan. 8 -- Snapping two days of decline, crude oil skyrocketed on Thursday as data showing a decline in the U.S. crude inventories allayed global oversupply concerns and supported prices.
WTI Crude Oil for February delivery was last seen trading up by $1.70 (or 3.04%) at $57.69 per barrel.
According to the U.S. Energy Information Administration, for the week ending January 2, crude oil inventories in the U.S. fell by 3.831 million barrels, the largest draw since late October. Economists had anticipated crude oil inventories to rise by 1.1 million barrels.
For the same period, gasoline inventories jumped by 7,702,000 barrels, distillate inventories increased to 5,594,000 barrels, and heating oil inventories climbed by 672,000 barrel...