WTI oil futures jump after latest US DoE inventory data

US crude oil inventories registered a large fall in the latest week, alongside a large drop in some product stockpiles.

Commercial crude oil inventories fell by 6.2m barrels a day over the latest week to reach 504.6m barrels, according to the Energy Information Administration, the US Department of Energy's statistical arm.

Gasoline inventories declined by 3.2m barrels, while those of distillate fuels rose by 2.2m barrels and propane/propylene stocks increased by 0.7m.

Imports grew by 247,000 barrels a day last week, the DoE said.

Meanwhile, refineries operated at 92.0% of their operating capacity.

As of 1540 BST front month West Texas Intermediate crude oil futures were up by 2.97% to $45.40 per barrel on ICE, alongside a 2.43% rise for the November 2016 Brent contract to $47.02.