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Oil at 8-month high on disruptions, Chinese demand

business Updated: Jun 09, 2016 08:42 IST

LONDON: Oil prices jumped to their highest level in eight months on Wednesday, rising for a third consecutive session on supply disruptions in Nigeria and strong Chinese demand data. There was also a larger-than-expected drop in US crude inventories on Tuesday, indicating an easing of the global supply glut. A weak dollar, which hit a five-week trough against a basket of currencies on Wednesday, also boosted prices. Brent crude rose 67 cents to $52.11 a barrel, while US crude futures were up 65 cents to $51.01 a barrel.

First Published: Jun 09, 2016 08:42 IST