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.