Investing.com – Oil jumped over 1% Thursday after industry data showed a huge draw in U.S. crude stocks. U.S. crude was up 78 cents, or 1.71%, at $46.28 at 07:15. Brent. crude gained 1.40% to $48.65. American Petroleum Institute data Wednesday showed a shock drop of 12.1 million barrels in U.S. crude stocks in the latest week. Observers said tropical storm conditions in the Gulf of Mexico may have affected drilling activity. Official Energy Information Administration (EIA) figures are due out later Thursday. If the EIA data confirm the API figures that would be the biggest weekly drawdown in crude stocks in three decades. The market was also buoyed by a 5.7% increase in Chinese crude imports in August. The dollar index was lower. A weaker dollar supports demand for oil.