Oil prices jump about 3 percent

NEW YORK: Oil prices jumped almost 3 percent, giving Brent its biggest rally in more than a week, as draws reported in the Cushing delivery point for US crude futures boosted optimism that a supply glut was easing.
US crude was up $1.70, or 2.9 percent, to $60.68 a barrel by 11:54 a.m. EDT (1554 GMT).
Brent oil, the more important global benchmark, rose $1.56, or 2.4 percent, to $66.59.
The last time Brent rose by more than 2 percent in a day was on May 12.
Brent has rallied to above $66 from a near six-year low of about $45 in January.
Brent was even higher in June, peaking at $115 before halving by the year-end, after the Organization of the Petroleum Exporting Countries dropped its policy of cutting output to support prices. OPEC meets on June 5 and is not expected to alter its policy, in the interest of defending market share.
Fighting in Iraq that raised worries about the security of Middle East crude shipments also boosted oil.
The dollar’s retreat took some pressure off oil too. The dollar snapped a broad three-day run-up and also fell against the euro for the first time in a week, making commodities denominated in the greenback more affordable to holders of other currencies.