Oil jumps after EIA reports unexpected fall in US stockpiles

Oil prices rallied to above $47.00 a barrel during the American session, after data from the US Energy Information Administration showed domestic stockpiles dropped by 14.5 million barrels last week, against expectations of a 225,000 build.

West Texas Intermediate crude oil for October rose more than 3% to a high of $47.17 a barrel on the New York Mercantile Exchange. Prices were last at $46.99 and traded at $46.20 before the data.

On Wednesday, the American Petroleum Institute reported a decline of 12.1 million barrels in US supplies.