Oil prices rose to a five-week high on Wednesday after a bigger-than-expected drop in U.S. crude stockpiles added to a rally fueled by a major Canadian supply outage, concerns about Libya’s exports and stepped-up efforts by the Trump administration to disrupt Iran’s petroleum exports.
U.S. light crude was trading near its highest in five weeks, up $2.12, or 3 percent, at $72.61 a barrel by 11:20 a.m. ET (1320 GMT). The contract peaked at $72.83 a barrel, matching the highest level since Nov. 28, 2014 struck on May 22.
Brent crude oil rose $1.62 a barrel, or 2.1 percent, to $77.93, after ending Tuesday’s session more than $1.50 higher.
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