From Reuters:
* U.S. crude futures hit 2015 peak, May Brent contract expires
* EIA says U.S. crude stocks up 1.29 mln bbls, less than expected
* U.S. gasoline stocks fell much more than expected - EIA (Adds Iran nuclear talks news in paragraph 12, updates prices to settlement)
By Robert Gibbons
NEW YORK, April 15 (Reuters) - Oil prices rallied and U.S. crude jumped nearly 6 percent to a 2015 peak on Wednesday after government data showed crude oil inventories in the United States rose less than expected last week.
Though hitting a record level for a 14th consecutive week, U.S. crude inventories rose only 1.3 million barrels to 483.69 million, the smallest build since the week ending Jan. 2, the Energy Information Administration said on Wednesday.
That build was below expectations for a 4.1 million barrel rise in a Reuters survey of analysts.
U.S. May crude rose $3.10 to settle at $56.39 a barrel, highest of the year. The $56.69 session peak was the highest front-month crude price since Dec. 24.
The Brent and U.S. futures spread LCO-CL1=R narrowed to $3.34 before closing at $3.93. It was more than $13 in early March.
Expiring front-month May Brent rose $1.89 to settle at $60.32. Brent hit its 2015 peak at $63 in February.
The more heavily traded June Brent rallied $3.51 to settle at $63.32 and pushed its premium to May Brent LCOc1-LCOc2 to $3.37 intraday.
Both Brent and U.S. crude pushed above their 100-day moving averages on Tuesday.
"The smallish crude oil build and the drop in gasoline inventories pushed prices up and also attracted some technical buying," said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut....MORE
Earlier:
"WTI oil futures rally to 4-month high after bullish supply data"
UPDATED--Yikes! Oil Is Again At the Top Of The Recent Trading Range
This is the sixth time this year the price has gotten to ~$54 and stopped.$55.96 up $2.67 last, $56.69 high:
One of these days we'll get to the top of the channel, position for the downmove and, in the words of market strategist Jennifer Anniston: "That's a risky little game"
But for now $54.16 up 87 cents off the day's high of $54.42...
