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    Oil Surges to Eight-Month High on Supply Disruptions, Firm Chinese Demand

    (June 8 Reuters) Oil prices jumped to the highest level in eight months on Wednesday, rising for the third consecutive session, buoyed by ongoing supply disruptions in Nigeria and strong Chinese oil demand data.

    Industry data had also shown a larger-than-expected drop in U.S. crude inventories on Tuesday, indicating an easing of the supply glut, an a weak dollar, which hit a five-week trough against a basket of currencies on Wednesday, also boosted prices. 

    "The sentiment is positive, the trend and the momentum points to further gains," said Carsten Fritsch, commodities anlaysts at Commerzbank.

    Global benchmark Brent crude futures rose to the highest level since Oct. 12, up 32 cents at $51.76 a barrel at 0835 GMT. It earlier touched $51.83 a barrel.

    U.S. Crude futures climbed 20 cents to $50.56 a barrel, after reaching $50.67 earlier, also an eight-month high.

    Click on the link below to see the full story from Reuters: (by Karolin Schaps)

    Oil surges to eight-month high on supply disruptions, firm Chinese demand

     

     


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