Oil prices rose in Asian trade today, getting a lift from a bigger-than-expected drop in US crude reserves, analysts said.
New York's main contract, light sweet crude for July delivery, gained 57 cents to $71.90, its highest in eight months.
Brent North Sea crude for July was 45 cents higher at $71.25.
The US government has said that national crude reserves fell 4.4 million barrels in the week ending June 5, far more than the 700,000 barrels that the market was expecting.
Oil prices have also been boosted by the sagging US dollar as investors, encouraged by hopes of an economic rebound globally, dump the greenback in favor of other key currencies that offer better yields.
Dollar-priced crude is cheaper for buyers holding stronger currencies. That tends to stimulate demand and push the market higher.
Analysts from National Australia Bank said the weaker $ was "giving foreign investors greater purchasing power and increasing demand for real assets, such as oil, to hedge against inflation."
"All things considered, it appears that the oil price is currently trading at a price consistent with market fundamentals, owing more to the activity of investors with the depreciation of the US dollar and anticipation of a relatively quick rebound in global economic growth," they said.
