Crude oil ripped 5% higher overnight

After stumbling close to $US40 per barrel on Tuesday, crude oil is storming all the way back.

On Wednesday morning in New York, West Texas Intermediate crude futures rallied by up to 5%, and climbed to as high as $US45.25 per barrel.

The latest oil-related news today is that the Energy Information Administration reported US crude stockpiles rose by 3.38 million barrels last week, less than the expectation for a build by 3.42 million according to Investing.com.

Still, last week marked the fifth period in a row in which inventories climbed, according to the EIA.

The American Petroleum Institute on Tuesday also reported a build in stockpiles, by 4.1 million barrels, more than the forecast for 3 million.

Other industry news out yesterday was that the US government plans to sell 58 million barrels from the Strategic Petroleum Reserve between 2018 and 2025, and will get cash in return.

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

NOW WATCH: POWER RANKINGS: Who has the best chance of becoming the next president

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.