West TX Oil Above $55 after Bullish EIA Inventory Report

U.S. oil closed at its highest level of the year on Wednesday after a lower than expected build of crude oil stocks in the United States.

U.S. crude oil futures closed up $3.10, or 5.8 percent, at $56.39 a barrel. That was the highest closing level since December 23, and its fourth best day for this year.  Meanwhile, front-month May Brent crude futures were up $1.60 at $60 per barrel ahead of their expiry later today.

Crude inventories rose by 1.29 million barrels to 483.69 million barrels in the week to April 10, the U.S. Energy Information Administration said on Wednesday, against a forecast of a 4.1 million barrel rise from a Reuters survey of analysts.