Crude Oil Prices Jump To Fresh Seven-Year High

(RTTNews) - Crude oil prices continued their recent upward surge on Wednesday, rising for the fifth straight day to a fresh seven-year high.

Upward selling pressure was the result of a tightening market following supply issues in the Middle East - particularly the oil facility on Abu Dhabi.

West Texas Intermediate for February contract jumped $1.22 or 1.43 percent to $86.65 per barrel. It's risen nearly $4 or almost 5 percent in the last week.

The upside may be limited, however, as Wednesday's API crude oil stock report showed a build of 1.404 million barrels in the past week.

That defied expectations for a loss of 1.367 million barrels following the loss of 1.077 million barrels a week earlier.