NYMEX-Crude steady after closing at 25-month high

U.S. crude futures were steady on Thursday after closing at a 25-month high a day earlier, getting support from U.S. government data showing an unexpectedly heavy drawdown in crude and product inventories last week. FUNDAMENTALS * NYMEX crude for December delivery CLc1 was up 5 cents at $87.86 a barrel by 0019 GMT, after settling up $1.09 at $87.81 a
day earlier, the highest close since Oct. 8, 2008.

* The U.S. Energy Information Administration reported a 3.3 million-barrel drawdown last week, compared with forecasts for a 1.4 million-barrel build. Distillate stockpiles fell 5.0 million barrels, far more than
the expected drawdown of 1.9 million barrels. Gasoline stocks fell 1.9 million barrels, much more than the expected drop of 800,000 barrels. * Oil has broken out of this year’s $70-$85 range, supported
by the Federal Reserve’s massive Treasury bond buying plan to speed economic growth. Some members of oil producer cartel OPEC have said they will support a higher price range. * Wednesday’s data showing an unexpected fall in U.S. jobless claim benefits added some relief to the still-weak labour market.

MARKETS NEWS * U.S. stocks advanced on Wednesday as investors put the
previous day’s uncertainty aside and snapped up some of the
week’s biggest losers in renewed optimism the rally remains
intact.

The Standard & Poor’s 500 Index .SPX gained 5.31 points or
0.44 percent to 1,218.71. * The dollar lost a bit of its allure in Asia on Thursday
after four straight days of gains, but sterling looked set to
rise further as investors cut bets the Bank of England will
inject more stimulus into the economy. [USD/]