NEW YORK — Crude oil prices rose to a 15-month high on Wednesday after a surprise US inventory drawdown, boosting energy shares.
West Texas Intermediate crude extended gains to USD51.65 a barrel, up 2.7 percent, while Brent crude gained 2.2 percent, up to USD52.79 a barrel.
WTI crude CLc1 hit its highest since July 2015 after the Energy Information Administration said US stockpiles fell by 5.2 million barrels in the week ended Friday, dashing analysts' expectations for a build.
US crude oil stocks fell last week as refineries continued to run down inventories during a seasonally slower period, while distillate inventories fell and imports dropped, the US Energy Information Administration said on Wednesday.
The Dow Jones industrial average rose 62.66 points, 0.34 per cent, to 18,224.6, the S&P 500 .SPX gained 5.36 points, or 0.25 per cent, to 2,144.96 and the Nasdaq Composite .IXIC added 1.44 points, or 0.03 per cent, to 5,245.28.
The S&P 500 energy sector .SPNY rose 2 per cent, and the pan-European STOXX 600 index rose 0.3 per cent, following a 1.5 per cent rise in the previous session. MSCI's gauge of stocks worldwide .MIWD00000PUS rose 0.4 per cent.
US crude CLc1 was up 2.8 per cent at USD51.71 a barrel and Brent LCOc1 last traded at USD52.86, up 2.3 per cent on the day.
(Reuters)
