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Commodities: Crude jumps on inventories report

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Date: Thursday 27 Mar 2008

LONDON (ShareCast) - Crude futures came close to $106 a barrel on Wednesday as a government report showed weekly inventories remained broadly unchanged against expectations of a rise.

The May delivery rallied $4.58 to settle at $105.8 on the New York Mercantile Exchange.

The Energy Information Administration said stockpiles held steady at 311.8m barrels last week against expectations of an increase of 1.5m barrels.

Imports averaged about 8.9m barrels per day, down 570,000 barrels from the previous week, while refineries operated at 82.2% of their capacity.

Gold prices also rallied for a second session on Wednesday due to the weaker dollar and spiking oil prices.

The April delivery rose $14.20 to settle at $949.20 an ounce.