US crude hit a more than one-year high on Wednesday after government data showed crude stockpiles declined for the sixth time in seven weeks as refinery activity fell and the country imported less crude.
Benchmark Brent crude futures were up $1.16, or 2.2%, at $52.84 a barrel, off a session peak of $53.14.
US West Texas Intermediate (WTI) crude oil futures were up $1.39, or 2.8%, at $51.68 a barrel, after touching $51.93, the highest level since July 16, 2015, when WTI hit $52.17.
US commercial crude inventories fell by 5.2 million barrels to a total of 468.7 million barrels in the week through Oct. 14, the Energy Information Administration reported.
Distillate stockpiles, which include diesel and heating oil, fell by 1.2 million barrels, versus expectations for a 1.6 million-barrel decline, the EIA data showed. Gasoline stocks rose by 2.5 million barrels, compared with expectations in a Reuters poll for a 1.3 million-barrel drop, Reuters reports.
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