Dhaka, Bangladesh (BBN)- Oil jumped above USD 90 a barrel on Wednesday to settle at that level for the first time in 26 months as a third straight weekly drop in U.S. crude inventories and cold weather spurred pre-holiday buying.
U.S. crude stockpiles fell 5.3 million barrels last week, bringing the past three weeks' declines to 19 million barrels, roughly equivalent to one day of U.S. fuel consumption. It marked the biggest three-week drop since 1998, according to reports.
BBN/SI/AD-24Dec10-3:27 pm (BST)