Oil was headed for a five-percent weekly gain, the biggest since May, after government statistics showed robust U.S. demand growth and falling inventories, while positive economic indicators lifted sentiment across markets
A tropical depression formed in the western Gulf of Mexico on Wednesday, headed on a path towards the northern U.S.-Mexico border, which could further disrupt efforts to contain BP's massive oil spill off the Louisiana coast
Crude inventories tumbled by 7.3 million barrels last week, the American Petroleum Institute (API) reported late on Wednesday, more than three times the expected drop. Stockpiles fell after Hurricane Alex forced some producers in the US Gulf to close loading terminals that send most of their output to refiners.
Technical View
The strong resistance for crude oil lies at $75 with support at $72, MCX Crude oil (July) resistance lies near 3560 with support at 3500.
