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8/4/2016, 6:35 PM (Source: TeleTrader)
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Oil jumps over 2% after earlier sluggish trade

Higher production of crude oil in Iraq at 4.63 million barrel per day in July and build-up in inventories in the United States of America seem to be offset by a fall of gasoline supplies in the U.S. by 3.26 million barrels, according to data from the Energy Information Administration. The rise in prices could be more related to the fact that production in North America is in decline.

The EIA reported a drop in natural gas inventories by 6 billion cubic feet on Thursday, first time in a decade. Natural gas futures rose 0.95% at ICE Futures Europe and were 0.83% higher in the U.S. at 6:30 p.m. CET.

North American benchmark West Texas Intermediate contracts for September jumped 2.32% to $41.80 a barrel, according to data from the ICE Futures Europe at 6:20 p.m. CET.

Premium international blend Brent for October delivery was priced 2.11% higher at $44.03 a barrel.

Earlier, the Organization of the Petroleum Exporting Countries reported its daily OPEC Basket Price of 14 crude types at $38.43 a barrel on Wednesday, compared with $38.29 a barrel on Tuesday.

Breaking the News / ZR