New York, June 9: Oil prices rallied for a 3rd straight session as official data showed a larger-than-expected drop in US crude shares.

The West Texas Intermediate for July delivery on Wednesday increased $zero.87 to settle at $50.36 a barrel on the New York Mercantile Exchange, whereas Brent crude for August supply gained $1.07 to shut at $52.51 a barrel on the London ICE Futures Exchange, Xinhua information company reported.

US crude provides of final week misplaced three.2 million barrels to 532.5 million barrels, based on the Energy Information Administration (EIA)’s weekly report launched on Wednesday.

Crude inventories at Cushing, Oklahoma, the delivery level for US oil futures and the nation’s greatest oil-storage hub, declined by 1.36 million barrels.

Oil prices have surged over 90 % from a multi-year low in February on a weaker US dollar, a continued slide within the US output and sudden disruptions.

Photo Courtesy: Indianexpress