West TX Oil Rallies to $56 on Falling Crude Inventories

Oil prices jumped on Wednesday as U.S. data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production.

WTI crude closed 54 cents higher at $56.47 per barrel after surging to a session high of $58.98. It touched its lowest level since May 2009 at $53.60 on Tuesday.

Front-month Brent was last up $1 to $61 a barrel shortly on Wednesday. It traded as high as $63.40 earlier in the afternoon. The January Brent contract, which expired in the prior session, hit a low of $58.50 on Tuesday, its weakest since May 2009.


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