Oil jumps 3% on Saudi price target, U.S. stockpiles

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Brent's settlement marked its best close since November 26, 2014, the day before OPEC refused to move to stop a decline in oil prices, sparking a sharp sell-off that ultimately sent oil prices to 12-year lows, CNBC reported.

It's worth mentioning that Saudi Arabia plans to sell a 5% stake in their largest oil company, Saudi Aramco, and launch the biggest IPO in history, valued at $100Bln.

Crude futures were already higher ahead of the release after the American Petroleum Institute reported a 1-million-barrels drop on Tuesday afternoon.

On Wednesday, June WTI Intermediate crude oil settled at $68.76, up $2.25 or +3.38%.

Reuters reports that OPEC officials claim their supply quota plan with Russian Federation has had the intended effect of re-balancing the global oil market. "Iran, once a keen OPEC price hawk, now wants lower prices than Saudi Arabia", according to Reuters. "I would not be surprised if Saudi Arabia wanted oil at $100 until this IPO is out of the way".

As for Saudi Arabia it is needed to accomplish fiscal goals and bolster the reforms that are going in the Kingdom.

A surprised jump in gasoline demand also helped drive prices higher. "They need higher prices".

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Investors have taken a buying position in the market in the hope that the agreement will be extended and a global supply glut will be further reduced, analysts said.

Earlier, Saudi Crown Prince Mohammed bin Salman said he wants long-term cooperation with Russian Federation to stabilize oil prices. The global economy is expected to expand this year at its fastest pace since 2010, the latest Reuters polls of more than 500 economists worldwide suggest, but trade protectionism could quickly slow it down.

Meanwhile, production continues to decline in Venezuela, where economic crisis has paralyzed the nation's lifeblood oil industry.

The impression is that oil prices are seen as not yet high enough to encourage sufficient oil investment.

The Jeddah meeting of the Joint Ministerial Monitoring Committee is unlikely to change the parameters for assessing the deal's success, Mazroui and other OPEC officials said, and sources see little chance of a major tweak in June.

LONDON: Oil surged Thursday close to 3.5-year peaks on simmering Mideast tensions and keen United States demand, while London stocks rose with drugmaker Shire boosted by a takeover move.

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