Crude prices rally on U.S. inventories, Bernanke's speech

Crude prices rallied on Wednesday as U.S. crude inventories fell more than expected while Federal Chairman Ben Bernanke said U.S. economic recovery is on the track.

The U.S. Energy Department said in its weekly report that crude supplies fell by 1.8 million barrels. That was more than the 1.3 million barrel decline analysts predicted.

Oil prices also got a boost from Bernanke's speech after he said European debt problems should not have a major impact on the U.S. economy.

Light, sweet crude for July delivery rose 2.39 U.S. dollars to 74.38 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude rose 1.97 dollars to settle at 74.27 dollars a barrel on the ICE futures exchange.

Source:Xinhua