Oil Rises Past $45 a Barrel
Oil jumped almost $4 Wednesday to more than $45 a barrel, on signs that OPEC may reduce its output and China may take steps to boost its economic output, Bloomberg reported.
Crude futures $3.73 to close at $45.38 a barrel on the New York Mercantile Exchange, Bloomberg said.
Meanwhile, the Energy Department said Wednesday that both distillate and gasoline inventories rose last week.
Distillates, which include diesel and heating oil, showed a 1.7 million barrel gain, while gasoline rose by 170,000 barrels.
Crude oil stockpiles fell by 760,000 barrels for the week ended Feb. 27, DOE said in its weekly report.
