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Crude oil is rallying
Crude oil closed in on $50 per barrel.
West Texas Intermediate crude futures in New York rose 2% on Wednesday morning to as high as $49.70 per barrel, the highest level in about two and a half months.
But these gains were trimmed after the Energy Information Administration said US oil inventories rose last week by 3.07 million barrels.
On Tuesday evening, the American Petroleum Institute reported that US inventories fell by 1.2 million barrels, whereas analysts had expected a build of nearly 2 million barrels.
Crude oil gained as much as 5% on Tuesday after the EIA's short-term outlook estimated that US crude production fell by 120,000 in September compared to August. Output is projected to decline through mid-2016 before it picks up again.
In other oil-related news, OPEC secretary-general Abdullah el-Badri told reporters that he sees higher demand for the cartels 12 members' oil, and a drop in output form non-members.
Here's a chart showing the rise in crude over the last two days:
(Finviz)
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