Oil Futures Climbing Higher On Likely Drop In Inventories

Crude oil prices are climbing higher Wednesday morning, buoyed by data showing a larger than expected drop in U.S. crude stockpiles last week due to the impact of recent storms.

A somewhat subdued dollar ahead of the Federal Reserve's policy announcement is also supporting oil prices. The dollar index, which slipped to 93.15 in the Asian session, is currently at 93.19, down slightly from the previous close.

West Texas Intermediate Crude oil futures for November are up $1.10 or 1.56% at $71.59 a barrel.

Brent crude futures are up $1.08 or 1.45% at $75.44 a barrel.

Data released by the American Petroleum Institute late on Tuesday showed crude stockpiles in the U.S. dropped by about 6.1 million barrels in the week ended September 17.

Crude inventory data from Energy Information Administration (EIA) is due at 10:30 AM ET.

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