NEW YORK: Oil prices rose about 1 percent on Wednesday, hitting new 2016 highs, as the market focused on large drawdowns in US refined fuel inventories and ignored a surprise build in crude stockpiles.
WTI’s front-month contract rose 49 cents, or 1 percent, to $48.80 a barrel by 1552 GMT. The session high was $48.95 — its highest since mid-October.
Brent’s front-month was up 37 cents at $49.65 a barrel. It reached $49.85 earlier, its highest since November.
WTI’s front-month contract rose 49 cents, or 1 percent, to $48.80 a barrel by 1552 GMT. The session high was $48.95 — its highest since mid-October.
Brent’s front-month was up 37 cents at $49.65 a barrel. It reached $49.85 earlier, its highest since November.
