Crude oil futures rallied Wednesday after a surprising drop in U.S. oil inventories.
West Texas Intermediate crude for February delivery rose $1.36, or 3.8%, to end at $37.50 a barrel, rising from recent 6-year lows below $35.
The U.S. Energy Information Administration said crude inventories fell by 5.9 million barrels in the week ended Aug. 18.
Analysts were expecting a small build, but stockpiles fell from record highs.
Meanwhile, OPEC forecasts that oil prices will recover to $70 a barrel by 2020, and will continue moving higher, but will only be at $95 a barrel by 2040.
The material has been provided by InstaForex Company – www.instaforex.com