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


Oil jumps 3 percent on Saudi price target, U.S. stockpilesOil futures jumped nearly 3 percent on Wednesday on a decline in U.S. crude inventories and after sources signalled top exporter Saudi Arabia wants to see the crude price closer to $100 a barrel. OPEC's new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, three industry sources said, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement's original target is within sight. Prices were supported as U.S. oil stockpiles fell across the board last week with gasoline and distillates drawing down more than expected on stronger demand, according to data from the U.S. Energy Information Administration.





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