U.S. crude hit a high of more than a year on Wednesday after government data showed that crude stockpiles declined for the sixth time in seven weeks.
Benchmark Brent crude futures were up $1.16, or 2.2%, at $52.84 U.S. a barrel by noon ET, off a session peak of $53.14.
U.S. West Texas Intermediate (WTI) crude oil futures were up $1.39, or 2.8%, at $51.68 U.S. a barrel, after touching $51.93, the highest level since July 16, 2015, when WTI hit $52.17 U.S.
The U.S. Energy Information Administration reported Wednesday that commercial crude inventories fell by 5.2 million barrels to 468.7 million barrels in the week through Oct. 14. Analysts had forecast a 1.6-million barrel drop.
EIA also said distillate stockpiles, which include diesel and heating oil, fell by 1.2 million barrels, versus expectations for a 1.6 million-barrel decline. Gasoline stocks rose by 2.5 million barrels, compared with expectations in an economist poll for a 1.3 million-barrel drop.
