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Oil rallied as dealers digested the latest snapshot of commercial crude reserves in top global consuming nation the United States. Around 1715 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April jumped USD 1.49 to USD 37.99 a barrel. Brent North Sea crude for May delivery won USD 1.26 to USD 40.91 a barrel compared with yesterday's close.
The market had already risen in earlier deals despite festering concerns over the global economy, in particular weak Chinese growth.
The US government's Department of Energy (DoE) reported today that commercial crude stockpiles gained almost 3.9 million barrels in the week ending March 4.
That beat market expectations for a build of 3.5 million barrels, according to analysts polled by Bloomberg News. However, it was far less than the 10.4-million-barrel jump posted the previous week.