Oil prices were seen gaining momentum and they ended on a bright note

[gnutrade.satya]

when US government data showed an unexpected heavy drawdown in crude inventories last week, oil prices were seen gaining momentum and they ended on a bright note. Chris Jarvis, senior analyst, Caprock Risk Management in New Hampshire said: "Today's EIA data was bullish across the board as crude, gasoline and distillate stocks yielded decent draws, significantly more than expectations. In addition, an uptick in refinery utilization was not enough to offset strong demand for gasoline and distillates. Overall the market will likely view this as bullish, which underpins strong secular trends on the macro level coupled with concerns over a weak dollar, reinforcing the bullish sentiment for the energy complex."Oil for December delivery settlea at $87.81.