Drop in US stockpiles causes oil to spike

Source: WBP Online
© AP
Oil prices reached their 2016 high on Wednesday as the US crude inventories took a plunge. A 0.95% rise in WTI led crude futures to climb as high as $44.46 at 5:00 GMT per barrel as Brent futures rallied 1.07% and traded at $46.23 at 5:00 GMT. During the session, both indices showed their 2016 highs as WTI reached $44.83 per barrel while Brent surged to $46.49.

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