Oil Soars Past $46 to a More Than Six Month High

EIA reports a surprise 3.4 million-barrel fall in crude stockpiles

by Myra P. Saefong, Georgi Kantchev, and Jenny W. Hsu
Market Watch

Oil futures soared past $46 a barrel on Wednesday to settle at their highest level in more than six months.

The climb was supported by a U.S. government report that revealed an unexpected weekly drop in crude inventories and a ninth straight week of falling domestic production.

June West Texas Intermediate crude tacked on $1.57, or 3.5%, to settle at $46.23 a barrel on the New York Mercantile Exchange. The settlement was the highest since Nov. 4. July Brent crude on London’s ICE Futures exchange added $2.08, or 4.6%, to end at $47.60 a barrel.

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