Oil prices surged more than a dollar on Wednesday. U.S. light crude was up $1.14 to $48.40 a barrel while London's Brent crude rose 91 cents to $46.30 a barrel. The gains came after the U.S. Energy Information Administration warned an OPEC cut this spring could slice into a year-on-year inventory surplus in the world's largest energy consumer and make it hard for refiners to make fuel. Earlier in the day, the EIA released a report showing crude oil stocks rose 2.1 million barrels last week to 296.4 million and gasoline inventories increased 4.9 million barrels to 221.7 million. The builds last week, pegged to higher import levels and strong refining activity, increased the U.S. supply surplus and eased fears of a springtime crunch.
