NEW YORK: Oil prices rose as much as 3 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles boosted the demand outlook in the world's largest oil consumer.The dollar weakened after the Federal Reserve left U.S. interest rates unchanged, which also buoyed prices for dollar-denominated crude. [FRX/]Another supportive factor was an oil workers' strike in Norway, which threatened to cut North Sea crude output.Prices jumped after the U.S. Energy Information Administration (EIA) stunned the market when it said crude inventories fell 6.2 million barrels last week. Forecasters in a Reuters poll had expected a 3.4 million-barrel build. [EIA/S]U.S. crude stocks have slumped since 14.5 million barrels were drawn in the week to Sept. 2, when a storm disrupted imports to the U.S. Gulf Coast. Brent crude futures settled up 95 cents, or 2 percent, at US$46.83 per barrel.

Source: The Star September 21, 2016 23:13 UTC