Oil Surges To Yearly High As U.S. Inventories Plunge
WASHINGTON (dpa-AFX) - Crude oil futures rose to their highest closing price of the year on Wednesday, as official data confirmed U.
S. inventories fell unexpectedly last week.
The U.S. Energy Information Administration reported that domestic crude supplies dropped by 5.2 million barrels in the week ended Oct. 14.
The news came as a shock to traders, as analysts were predicting a large build.
Nov. WTI oil gained $1.31, or 2.6%, to settle at $51.60/bbl
Meanwhile, Saudi Arabia's oil minister said certain non-OPEC countries will join OPEC and Russia in curbing supplies.
"Non-OPEC is showing willingness to join this effort. And without mentioning names, many countries have said they are willing to not only freeze, but cut at healthy levels that will match whatever is going to happen by OPEC," Khalid Al-Falih said at the Oil and Money Conference in London.
Copyright RTT News/dpa-AFX