Crude Oil Leaps As Stocks Fall Sharply

Crude oil was higher in early trade Wednesday morning, after the American Petroleum Institute said crude supplies fell a whopping 6.8 million barrels to 349.7 million last week.

That's the largest decline in US inventories in more than nine months.

Yesterday, crude briefly popped above $73/barrel for a eight month high, before falling back after data showing a decline in US consumer confidence, to settle at $69.89/barrel.

At 9am London time crude was $1.17 higher at $71.06/barrel.

The US Energy Department will report their stocks data later this afternoon.