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Oil Up 2% To June Highs After Another US Crude Draw

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NEW YORK, Oct 5 (Reuters) - Oil prices settled up about 2 percent on Wednesday, hitting their highest since June, after the fifth unexpected weekly drawdown in U.S. crude inventories added to support on hopes that major producers will agree to cut output next month.

The U.S. Energy Information Administration (EIA) said crude stockpiles fell 3 million barrels last week, opposite of forecasts of analysts polled by Reuters for a build of 2.6 million barrels.

Since the beginning of September, U.S. crude stocks have plunged 26 million barrels, but inventories remain at their highest in this century, EIA data showed.

http://www.downstreamtoday.com/news/article.aspx?a_id=53787

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