Oil jumps after U.S. data; stocks edge up
Crude oil prices rose to a 15-month high on Wednesday after a surprise U.S. inventory drawdown, boosting energy shares.
WTI crude CLc1 hit its highest since July 2015 after the Energy Information Administration said U.S. stockpiles fell by 5.2 million barrels in the week ended Friday, dashing analysts' expectations for a build.
Energy stocks led the way up on Wall Street, boosted by the higher oil prices. Exxon and Chevron were the largest gainers on the S&P 500, helping offset a near 6-percent decline in shares of Intel after a disappointing revenue forecast.
"The severe weakness... read more
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