Crude is surging

Crude oil is surging.

On Wednesday morning, the price of West Texas Intermediate crude oil was up almost 3% to $US49 a barrel.

The rally is somewhat puzzling one, as the latest data from the EIA released at 10:30 am ET showed that crude oil inventories rose more than expected.

Crude inventories in the US rose by 4.8 million barrels last week, bringing crude oil inventories to $US471.4 million barrels, yet another record high over the last 80 years.

Here’s the spike in crude.

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