Crude oil is spiking

Crude oil is spiking.

On Wednesday morning, West Texas Intermediate crude futures rose nearly 3% in New York to as high as $49.50 per barrel.

Earlier, the Energy Information Administration reported a surprise drop in oil inventories by 4.3 million barrels in the week ending July 24.

On Tuesday, the American Petroleum Institute reported that supplies fell by 1.9 million barrels, more than the estimate for a 700,000-barrel decline, according to MarketWatch.

Stockpiles are still at the highest levels in 80 years, and this week's drop comes amid concerns that there's too much oil on the market.

Last week, WTI collapsed into a bear market - defined as a 20% drop from highs - followed by Brent crude on Monday.

Here's a chart showing the rise in WTI on Wednesday:

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