Oil Soars 5% As Bullish News Mounts

Oil prices made great gains on Wednesday on the back of falling U.S. inventories and stronger demand. At 3:30 p.m. ET, WTI spot prices were up $2.70 per barrel, or 4.49% on the day at $62.88. Brent crude was trading at $66.37 per barrel, also up $2.70, or 4.24%. Oil futures are set to finish out Wednesday with the highest finish since March. The significant price increase comes on EIA reports of shrinking U.S. crude oil inventories, along with higher crude oil demand outlooks from OPEC earlier in the week and the International Energy Agency today.…