The price of oil rose by more than $3 to settle above $70 a barrel after a surprise drop in crude imports and inventories in the US. US crude stockpiles plunged by 8.4 million barrels as imports hit the lowest level since September 2008, the Energy Information Administration said. US crude settled up $3.23 at $72.42 a barrel while London Brent crude rose $2.22 to settle at $74.59.
Analysts had expected supplies to grow in the week to 14 August. They added that the drop in imports may have been caused by firms holding more oil in tankers offshore and waiting for higher prices before importing the extra crude.