Oil prices rose on Wednesday, with U.S. light crude hitting highs not seen since June 2015 after disruptions to a major pipeline dented Canadian deliveries to the United States, where crude inventories were also reported to be falling.
U.S. commercial crude inventories fell by 1.9 million barrels in the week through Nov. 17, a report from the U.S. Energy Information Administration showed. Analysts expected a decrease of 1.5 million barrels.
Gasoline stocks were unchanged, compared with analysts' expectations in a Reuters poll for a 737,000-barrel gain. Distillate stockpiles, which include diesel and heating oil, rose by 269,000 barrels, versus expectations for a 1.2 million-barrel drop, the EIA data showed.
U.S. West Texas Intermediate (WTI) crude futures finished Wednesday's session up $1.19, or 2.1 percent, to $58.02 a barrel, the highest closing level since June 30, 2015. The contract touched a session high of $58.09, an intraday high going back to July 1, 2015.
Brent crude futures, the international benchmark for oil prices, were up 73 cents, or 1.2 percent, at $63.30 per barrel by 2:30 p.m. ET (1830 GMT),