Oil rose to its highest level in a month, breaking out of a weeks-long trading range, as dwindling oil stocks in the United States bolstered expectations for a global demand recovery.
After weeks of trading in a $5 range, futures jumped 4.9 percent in New York, the biggest since late March. According to the Energy Information Administration, oil stockpiles in the United States are at their lowest level since February, marking the largest drop in two months. At the same time, a gauge of gasoline demand rose for the sixth week in a row. This has aided prices, which have failed to break through $60 per barrel.