Oil prices surged on Wednesday after data showed a hefty drop in the United States Crude stockpiles.
The west texas intermediate for May delivery added Ksh.317.85 ($2.97), or 4.9 percent, to settle at Ksh. 6,758.39 ($63.15) a barrel on the New York mercantile exchange.
Brent crude for June delivery increased Ksh. 311.44 ($2.91), or 4.57 percent, to close at Ksh. 7,125.78 ($66.58) a barrel on the London Ice Futures Exchange.
In a report, the U.S Energy information administration said U.S Crude oil inventories decreased by 5.9 million barrels during the week ending April 9.
The reading exceeded analysts’ forecasts for a 2.9 million-barrel drop.
The report further showed that at 492.4 million barrels, U.S Crude oil inventories were about one percent above the five-year average for this time of year.
