Oil rises 2pc on falling US crude stock

Oil prices rose on Thursday after data showed US crude stockpiles fell more than expected last week and a fresh attack by Houthi forces on ships off Yemen’s coast underscored the peril facing trade in a key global transit route. Brent crude futures were up $1.29, or 1.6 per cent, to $81.33 a barrel at 1521 GMT , while US West Texas Intermediate crude was up $1.37, or 1.8pc, to $76.46 a barrel. US crude stockpiles tumbled by 9.2 million barrels last week, the Energy Information Administration said, while analysts in a Reuters poll had expected a 2.2 million-barrel draw. The draw was driven by a stark drop in US crude imports as winter weather shut in refineries and kept motorists off the road. Geopolitical tensions in the Middle East remained in focus. In the latest blow to shipping around the key Red Sea corridor, Maersk said explosions nearby forced two ships operated by its US subsidiary and carrying US military supplies to turn around when they were transiting the Bab al-Mandab Strait off Yemen, accompanied by the US Navy.