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Crude Oil Jumps More Than 2% After Bigger-Than-Expected Draw from US Stocks

July 6, 2017 at 17:34 by Vladimir Vyun

Crude oil jumped more than 2% today after the Energy Information Administration reported that US inventories shrank by 6.3 million barrels to 502.9 million last week, reaching the lowest level since January. The actual drop was much bigger than a 2.4 billion decrease predicted by analysts. Oil stockpiles at Cushing, Oklahoma, the biggest oil-storage hub in the United States and the delivery point for WTI crude, fell by 1.3 million barrels to 59.5 million, dropping for the seventh week and reaching the lowest point since November. Total motor gasoline inventories fell by 3.7 billion barrels — the biggest drop since March. The drop was bigger than the forecast decline by 1.1 million.

August futures for delivery of WTI crude oil jumped as much as 2.26% to $46.15 per barrel as of 17:26 GMT on NYMEX today. September Brent oil climbed 1.99% to $48.74 per barrel on ICE.

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