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Crude oil prices surged to a new one-year high on Wednesday after Energy Information Administration data revealed a smaller than expected build in weekly inventories. A weaker dollar also boosted oil's hedge appeal.
Light sweet crude oil for December delivery rallied to $81.37 per barrel, up $2.25 on the session. Prices touched as high as $82.00 earlier in the session.
U.S. commercial crude oil inventories increased by 1.3 million barrels in the week ended October 16 to move to 339.1 million barrels. Analysts expected a build of 2.2 million barrels.
Total motor gasoline inventories decreased by 2.3 million barrels last week, as predicted. Distillate fuel inventories decreased by 800,000 barrels and propane/propylene inventories decreased by 1.4 million barrels.
Late Tuesday, the American Petroleum Institute showed crude oil inventories climbed 3.8 million barrels last week. Gasoline supplies fell 558,000 barrels and distillates declines 998,000 barrels, according to the report.
The dollar hit a new 14-month low against the euro on Wednesday, boosting oil's hedge appeal. The greenback dropped to a five-week low against the British pound.
On the economic front Wednesday, the Federal Reserve's Beige Book report released Wednesday afternoon noted that the 12 Fed districts have indicated either stabilization or modest improvements in many sectors since the last report.
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