Crude oil prices continued to surge higher Wednesday, hitting their best levels of 2016 despite another record build in U.S. inventories.
The U.S. Energy Information Administration reported a 3.9 million-barrel rise in crude oil stockpiles for the week ending March 4. However, gasoline supplies fell by 4.5 million barrels.
Analysts say the global supply glut will likely abate in the coming months, as some key producers have agreed to freeze production.
Saudi Arabia and Russia will dial back to January levels, while U.S rig counts have been in decline all year.
April West Texas Intermediate crude jumped $1.79, or 4.9%, to settle at $38.29 a barrel on the New York Mercantile Exchange, the highest since early December.
The material has been provided by InstaForex Company – www.instaforex.com