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Crude oil futures end higher as weekly US crude supplies drop
Aug-18-2022

Crude oil futures ended higher on Wednesday as data showed declines in crude and gasoline inventories in the US in the week ended August 12. Data from US Energy Information Administration (EIA) showed crude stockpiles in the US dropped by 7.1 million barrels last week, nearly three times the expected drop. The data showed gasoline inventories also fell 4.6 million barrels last week, while distillate stockpiles edged up by 0.8 million barrels. The American Petroleum Institute (API) on Tuesday reported a draw for crude oil stocks of 448,000 barrels for the week ended August 12, while analysts predicted a smaller draw of 117,000 barrels.

Benchmark crude oil futures for September delivery rose $1.58 or about 1.8 percent to settle at $88.11 a barrel on the New York Mercantile Exchange. Brent crude for October delivery gained $1.31 or 1.42 percent to settle at $93.65 a barrel on London's Intercontinental Exchange. 

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