WASHINGTON (dpa-AFX) - Crude oil futures surged near the psychologically important $50 a barrel mark Wednesday, as official data confirmed a significant draw down in U.S. oil inventories.
The U.S. Energy Information Administration reported that U.S. crude supplies fell 4.2 million barrels for the week ended May 20.
July WTI oil settled at $49.56/bbl, up 94 cents, or 1.9% -- the highest level since Oct. 9
Earlier this week, Baker Hughes said that the number of active U.S. rigs drilling for crude was unchanged at 318 after falling over the last eight weeks in a row.
That's a sign that U.S. oil companies think oil will get above $50, making production more profitable.
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