LONDON, April 12: Global crude prices extended gains on Thursday, breaching $63 a barrel in New York, as traders weighed up a heavier-than-expected fall in stockpiles of US gasoline, dealers said.

The price of Brent North Sea crude for May delivery added 42 cents to $68.26 per barrel in London electronic deals.

New York’s main oil futures contract, light sweet crude for delivery in May, jumped $1.04 to $63.05 per barrel in floor trading.

“Crude futures were higher ... still supported by a larger than expected draw in gasoline (petrol) stocks last week,” said Michael Davies, an analyst at the Sucden brokerage in London.

Oil prices had swung higher on Wednesday after the US Department of Energy said gasoline reserves slumped by 5.5 million barrels to 199.7 million in the week to April 6.

The decline was far heavier than market expectations for a fall of 1.4 million barrels, and came ahead of the peak-demand season.—AFP