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Oil jumps 4 percent to record over $94 a barrel

NEW YORK - Oil surged more than 4 percent to a record over $94 a barrel on Wednesday after a steep drop in U.S. inventories fueled winter supply concerns and markets awaited the U.S. Federal Reserve's decision on interest rates, according to Reuters.

U.S. oil jumped $4.00 to $94.38 a barrel.

U.S. crude oil stocks fell 3.9 million barrels in the week to October 26, government data showed, countering expectations for a build ahead of the Northern Hemisphere winter.

Posted by Peter C. T. Elsworth  at 3:20 PM to Crude oil market | Permalink

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