WASHINGTON (dpa-AFX) - Crude oil futures continued to rise Wednesday, surging to their highest since December 2014 after U.S. oil inventories dwindled.
Analysts say the global oil market has re-balanced, meaning the world's supply glut has all but evaporated due to OPEC's output reductions.
May WTI oil climbed $1.95, or 2.9%, to settle at $68.47/bbl.
The Energy Information Administration said U.S. crude supplies fell by 1.1 million barrels for the week ended April 13, about twice the forecast decline.
Yesterday, the American Petroleum Institute (API) reported a draw of 1.047 million barrels.
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