Oil Prices Hit 2-Year High

Reuters

Crude oil futures hit a 26-month peak above $90 on Wednesday in choppy trading after government data showed U.S. crude stockpiles fell more than expected last week.

On Tuesday, industry data showed a similar drop in inventories.

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A larger-than-forecast rise in gasoline stockpiles helped limit the bullish reaction to Wednesday's data. Distillate stockpiles fell by less than expected, the report from the U.S. Energy Information Administration showed.

On the New York Mercantile Exchange, February crude CLG1 rose 63 cents, or 0.7 percent, to $90.45 a barrel by 10:37 a.m. EST (1537 GMT), trading from $89.85 to $90.80.

That intraday peak eclipsed the $90.76 high from Dec. 7 and was the loftiest since front-month crude touched $90.99 on Oct. 8, 2008.

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