WASHINGTON (dpa-AFX) - Crude oil prices were at new yearly highs Wednesday morning after an industry watcher said U.S. oil inventories unexpectedly dwindled last week.
The American Petroleum Institute (API) reported a draw of nearly 1.1 million barrels in U.S. crude inventories last week.
The Energy Information Administration is out with the government's data this morning.
A weakening dollar has also lifted crude oil prices.
US crude oil for June was up 81 cents, or 1.8 percent, to $44.85 a barrel, the highest since last November.
The Federal Reserve delivers its latest monetary policy announcement at 2 pm ET.
Economists expect no change to interest rates.
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