OIL PRICES UP 1% TO 4-WEEK HIGH ON BIG US CRUDE WITHDRAWAL, CHINA STIMULUS

Oil prices climbed about 1% to a four-week high on Wednesday on a bigger-than-expected U.S. crude storage withdrawal, a drop in U.S. crude output, Chinese economic stimulus, geopolitical tensions and a weaker U.S. dollar.

Brent futures rose $1.03, or 1.3%, to $80.58 a barrel by 12:03 p.m. EST (1703 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.31, or 1.8%, to $75.68. Brent was on track for its highest settlement since Dec. 26 and WTI for its highest since Nov. 30. U.S. diesel and U.S. gasoline futures were also headed for their highest closes in weeks.

Learn More