Oil prices jump 2% on supply worries after large US stock drawdown
Oil prices gained nearly $2 in early trade on Wednesday after industry data showed a bigger-than-expected draw in US crude stocks amid worries about supply disruptions from the Middle East due to a deepening Israel-Hamas conflict. Brent crude futures jumped $1.62, or 1.8%, to $91.49 a barrel at 0148, with markets also braced for Chinese GDP numbers.West Texas Intermediate crude (WTI) futures were up $1.77, or 2%, at $88.43 a barrel.US crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday. That was much steeper than a 300,000 barrel draw that analysts had forecast. Official US government data is due later on Wednesday. Tension in the Middle East escalated after about 500 Palestinians we...