West Texas Intermediate prices rise

A sharper-than-expected drop in US crude oil supplies lifted New York oil prices Wednesday, while Brent slipped in London trade. New York's main contract, West Texas Intermediate (WTI) light sweet crude for July delivery closed at $93.74 a barrel, a gain of 43 cents from Tuesday. Brent North Sea crude for delivery in July, the European benchmark, dipped 20 cents to $103.04 a barrel. The New York oil market got a lift after the US Department of Energy reported the country's crude stockpiles had plunged by 6.3 million barrels in the week to May 31. That was 15 times more than analysts expected, with the average estimate pegged at 400,000 according to Dow Jones Newswires. The sharp decline followed the prior week's rise of 3.0 million barrels to an all-time weekly peak of 397.6 million barrels, a 31-year high. The WTI rally was due to the "bullish" DoE report that helped the oil market resist a sell-off in the equities markets, said Bob Yawger of Mizuho Securities. "That is the biggest draw since December." US gasoline supplies unexpectedly fell by 400,000 barrels, to 218.8 million, in the week ahead of Memorial Day weekend, the kick-off of the US summer vacation driving season. "Gasoline demand has been stronger than expected over the last four weeks," Yawger said. Brent prices closed more than $1 higher on Tuesday, supported by growing concerns about the civil war in Syria.