Oil spikes as inventories post their biggest drop of the year

West Texas Intermediate crude oil trades up 0.7% at$49.88 a barrel after weekly data released by the US Energy Information Administration showed the biggest drawdown in investors this year.

US crude oil inventories fell by 3.64 million barrels, more than double the 1.75 million barrel drawdown that analysts were anticipating. Inventories haven't fallen that much since December 30, according to Bloomberg.

While crude stockpiles fell, gasoline inventories rose by 3.369 million barrels. Analysts were expecting an increase of 1.542 million barrels.

WTI is down about 7.2% year-to-date.

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