Oil prices climbed towards $70 a barrel today aided by a drop in US petrol stockpiles and high demand for motor fuel.

For July delivery, US crude rose 51¢ at $69.26 at 07.07 GMT, while London Brent crude gained 18¢ to $69.73 a barrel, reports Reuters.

Oil tumbled more than 2% yesterday amid concerns about Europe’s debt crisis and as tension between North and South Korea heightened.

Data from the American Petroleum Institute reveals that petrol stockpiles fell by 3.2 million barrels in the week ending 21 May, while distillates rose by 1.5 million barrels and crude stockpiles gained 616,000 barrels.

The Energy Information Administration projected that world oil demand will continue to grow through to 2030 and will average 103.9 million bpd in 2030, down from its last year’s outlook of 106.6 million bpd.