Brent oil surges to $110 per barrel

Brent crude rose Wednesday to $110 (Dh404) a barrel after an industry report showed a larger-than-expected decline in US petrol supplies and upbeat economic data trumped concerns over the Eurozone debt crisis. US petrol stocks fell 5.4 million barrels, more than forecast, the American Petroleum Institute (API) said on Tuesday. Better-than-expected US industrial production figures also helped bolster sentiment. Brent crude for October rose $1.18 to $110.31. It fell to $98.74 on August 9, the lowest since February, on concern about economic slowdown. US crude was up 95 cents at $87.60.