Oil prices rose more than three per cent on Wednesday, after climbing to fresh 3½ year highs, as a bigger-than-expected drawdown in U.S oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran. U.S. West Texas Intermediate (WTI) crude futures rose $2.08 US, or three per cent, to settle at $71.14 US per barrel. U.S. heating oil futures surged to $2.2258 a gallon, the highest since Feb. 2015. uper-high gasoline demand and crude oil exports of nearly 2 million bpd, once again, add to the bullish tone." Volumes jumped for all key crude oil futures contracts as investors took new positions and refiners hedged to protect themselves from higher feedstock prices.

Source: CBC News May 09, 2018 15:37 UTC