US crude oil futures settled at a one-year high on Thursday, up for the sixth consecutive day, after government data showed heavy drawdowns in gasoline and distillate inventories last week, going against forecasts for modest increases. Traders shrugged off data from the US Energy Information Administration showing a smaller-than-expected increase in crude oil supplies. On the New York Mercantile Exchange ended up $2.40, or 3.19 percent at $77.58 a barrel, the highest since the $78.63 close on Oct. 14, 2008. It traded from $74.79 to $77.97, the highest intraday price since Oct. 15, 2008's $79.17 high. In London, November Brent crude LCOX9 expired at the close, ending up $1.35, or 1.85 percent, at $74.45 a gallon, the highest close since Aug. 19's $74.90. It traded from $72.84 to $74.65, the highest intraday since Aug. 24's $74.75. Trading was volatile as options on the NYMEX November crude contract were to expire at the close. Hefty open interests were at the $76.50 and $80 call, according to Reuters data. The US dollar rose against the yen but the euro remained near a 14-month peak against the greenback. US stocks were flat in late trading after quarterly bank results disappointed investors, but losses were limited as energy shares rose on the EIA inventory data. “What stands out is the big draw in the gasoline and I think people looked at that, and combined that with a draw in distillates, that's why the market shot up to basically new highs across the board,” said Gene McGillian, analyst at Tradition Energy, in Stamford, Connecticut. Gasoline futures ended at a new six-week high and heating oil futures, which hit $2 a gallon for the first time this year, finished at their highest level in 11 months. Crude futures were already up in early trading, aided by late Tuesday's industry data from the American Petroleum Institute showing a hefty drawdown in gasoline supplies and a small decline in crude stocks, both going against forecasts. NYMEX November RBOB RBX9 ended up 8.74 cents, or 4.71 percent, at $1.9449 a gallon, the highest settlement since Aug. 31's $1.9859.
