Oil jumps on unexpected drop in US supply

LONDON: Oil prices rallied on Wednesday after an unexpected drop in crude stockpiles in the United States, the world’s biggest energy user, dealers said.

Markets also reacted to news that the OPEC oil producers’ cartel forecast modest growth in world oil demand this year and an announcement by Anglo-Dutch oil group Shell that it had cut its crude output in Nigeria to allow repairs. New York’s main contract, light sweet crude for delivery in May, jumped $1.84 to $85.89 a barrel.