US crude oil futures boosted by latest US weekly inventory data

US crude oil stockpiles fell sharply last week, albeit amid a large drop in imports, boosting prices for crude oil futures.

During the week ending on 24 June, US commercial crude oil inventories fell by 4.1m barrels, according to the Energy Information Administration, the US Department of Energy´s statistical arm.

In parallel, gasoline stockpiles increased by 1.4m barrels while those of distillates declined by 1.8m.

Imports decreased by 884,000 barrels per day during the reference week.

As of 18:50 BST, front month Brent crude oil futures were rising by 2.6% to $49.88 per barrel on the ICE.