Oil Prices Hit Five-Month High

NEW YORK (Reuters) -- Oil prices rose to their highest since early March on Wednesday after a large decline in U.S. crude inventories and supported by a weak dollar, but mounting coronavirus infections had investors worried about the demand outlook. Brent crude was up $1.51, or 3.4%, at $45.94 a barrel by 11:13 a.m. ET. West Texas Intermediate oil rose $1.52, or 3.7%, to $43.22 a barrel. Both contracts gained over 4% earlier in the session. U.S. crude inventories fell by 7.4 million barrels in the week to July 31 to 518.6 million barrels, the Energy Information Administration said.