Oil prices hit new 2016 highs on Wednesday, after the Energy Department reported continued declines in U.S. crude inventories and production last week. U.S. inventories are closely watched by traders as the first indicator of the global supply-and-demand balance. Stockpiles have fallen in recent weeks from their highest level in more than 80 years, boosting expectations that the global glut of crude that has weighed on prices for...

Source: Wall Street Journal May 25, 2016 04:00 UTC