Crude oil is spiking

Crude oil is rallying.

On Tuesday morning, West Texas Intermediate crude oil rose more than 3% to as high as $US60 per barrel.

Brent crude oil, the international benchmark, rose climbed more than 3.5% to around $US64.90 per barrel.

The latest notable oil-related news dropped Monday: China reduced its imports of oil.

China is the world’s largest net oil importer and it bought about a quarter less crude oil in May than it did in April, according to Reuters. Oil fell about 1% on Monday.

The latest data on US crude inventories will drop first from the American Petroleum Institute on Tuesday afternoon and from the Energy Information Administration on Wednesday.

Inventories have been sliding over the last few weeks although they are at an 80-year high.

Here’s a chart showing the rise in WTI on Tuesday:

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