NEW YORK CITY – Oil prices hit session highs on Wednesday, rising to their highest since June after the US government reported another surprise weekly drawdown in crude inventories.
According to Reuters, Brent crude was up $1.13, or 2.2%, at $52/bbl, its highest level since June 10.
US West Texas Intermediate crude was up $1.20, or 2.4%, at $49.89/bbl. It earlier hit $49.95/bbl, a high since June 29.
The US Energy Information Administration said crude stockpiles fell nearly 3 MMbbl for the week ended Sept. 30, marking a fifth straight weekly drop.
Analysts polled by Reuters had forecast a build of 2.6 MMbbl. But the American Petroleum Institute on Tuesday set market expectations for an inventory decline by reporting a 7.6 MMbbl decrease.