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U.S. crude hits three-year high

Semi submersible oil rig
A semi submersible oil rig. Photo: Eye Ubiquitous/UIG via Getty Images

Crude oil prices jumped Wednesday thanks to new data showing more shrinkage of the U.S. oil stockpile and signs that OPEC and Russia are continuing their tight supply policy.

Why it matters: The price surge suggests that oil may no longer be stuck in the $60 to $70-a-barrel range, but may have room to rise much higher. That would put a lot more money in the coffers of the petro-states, and could bring inflation to oil-consuming states.