WASHINGTON (dpa-AFX) - Crude oil futures continued to rise Wednesday, as U.S. oil inventories unexpectedly dwindled as refineries got back to work post-Hurricane Harvey.
Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 1.8 million barrels for the week ended Sept. 22, defying expectations for a large build.
The data confirmed yesterday's industry report form the American Petroleum Institute.
WTI light sweet crude oil was up 23 cents at $52.12, multi-month highs.
A stronger dollar prevented a more pronounced rally for crude oil prices in the aftermath of hawkish remarks from Fed Chair Janet Yellen.
'We should be wary of moving too gradually,' Yellen said in a speech to the National Association for Business Economics meeting in Cleveland.
'Given that monetary policy affects economic activity and inflation with a substantial lag, it would be imprudent to keep monetary policy on hold until inflation is back to 2%,' she said.
Copyright RTT News/dpa-AFX