New York — Oil prices rose again on Wednesday, up another 1.5% as US crude inventories rose less than expected, supply disruptions continued in Libya and the OPEC-led output cut by producing countries looked likely to be extended. US crude futures surged to nearly a two-week high after the Energy Information Administration (EIA) reported that crude inventories rose 867,000 barrels in the week ending March 24 as more refineries geared up after seasonal maintenance and imports dropped. The build was less than the 1.4-million barrel increase analysts had expected. Front-month Brent crude futures rose 69c or 1.3% to $52.02 a barrel by 3.04pm GMT after hitting a session high of $52.15, the highest since March 21. US crude futures were up 71c or 1.5% at $49.08 a barrel after hitting a high of $49.18, the highest since March 17. US gasoline futures surged 2.2% to the highest in three weeks after EIA data showed a 3.7-million barrel drop in gasoline stocks last week, much steeper than forec...
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