Oil rallies to highest settlement of the month

Oil futures soared on Wednesday to claim their highest settlement so far in September, buoyed by a report showing U.S. crude inventories fell for the first time in three weeks, along with a fall in weekly production.

Prices also got a boost as traders bet that the U.S. Federal Reserve may hold off on an interest-rate hike after data Wednesday showed a low reading on inflation.

October West Texas Intermediate crude CLV5, +0.08%  rose $2.56, or 5.7%, to settle at $47.15 a barrel on the New York Mercantile Exchange. Prices briefly pared gains in the immediate wake of the supply data, then bounced above $47 to hit new intraday highs, to mark their highest settlement since Aug. 31.

November Brent crude LCOX5, +0.12%  on London’s ICE Futures exchange rose $2, or 4.2%, to $49.75 a barrel.

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