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Oil prices continued to rise as US data released on Wednesday showed that US crude inventories continued to decline for the sixth week in a row as fears of geopolitical tensions continued to stabilize supplies in global markets.
US futures contracts rose 1.5% after the US Energy Information Administration announced inventories fell by 10.8 million barrels in the week ending July 19th, continuing the longest decline consecutive since January 2018.
West Texas Intermediate crude, the benchmark US crude, gained $ 0.60 to $ 57.37 a barrel in early September on the New York Mercantile Exchange, surpbading its average 200-day average.
This comes as the US Energy Information Administration announced a 10.8 million barrel drop in its crude oil inventories during the week ending July 19, while US refinery production declined.
Analysts expected the stock to drop only 4 million barrels. After the announcement of the American Petroleum Institute on Tuesday, it had dropped 11 million barrels in the same week.
Date: 2019-07-24
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