Signs of recovery are being shown by crude oil in the US, the world’s biggest energy consumer. According to a report by the Energy Information Administration, the economic recovery is accelerating.

Carsten Fritsch, a Commerzbank AG analyst in Frankfurt revealed that the reduction in crude and gasoline stocks is positive macro-economic news. Fritsch also said that plummeting of crude stocks was mainly driven by lower imports and not higher demand. Crude futures gained overnight after U. S. oil and gasoline inventory data recorded larger declines than analysts had expected.

This was the first decline since April 9. Inventories of both gasoline and crude were still above average levels, despite the drawdown. Traders have predicted that prices might remain weak unless excess supplies are used up, which would require a constant economic recovery.

Light crude futures for delivery in July, according to New York stock exchange. Light Crude was traded at $74.60 a barrel, down $0.01 in the Globex electronic session. July Brent crude on London's ICE Futures exchange rose from $0.15 to $75.56 a barrel.

The contract yesterday gained $1.66, or 2.3 percent, which was the highest settlement since May 14. Mr. Fritsh said that though yesterdays report depicted mixed trends, the market only looked at the positive factors.