Crude oil is spiking

Crude oil is rallying.

West Texas Intermediate crude prices rallied by more than 3% on Wednesday to as high as $US58.81 per barrel. It’s yet another year-to-date high for the commodity.

The rally comes after data from the Energy Information Administration showed that the growth of commercial crude inventories slowed last week.

Inventories rose by 1.9 million barrels, compared to a build of 5.3 million in the previous week.

Crude oil prices have held above $US50 per barrel through April and appear to no longer be listening to data indicating that there is still tons of supply in the market.

Here’s the spike:

NOW WATCH: Watch these giant container ships collide near the Suez Canal

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at