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7/10, 12:34 PM (Source: TeleTrader)
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Oil jumps 2% as US inventories drop

Crude futures jumped 2% on Wednesday, extending gains from earlier in the session and reaching one-week highs after private data showed United States oil inventories dropped more than expected last week.

On Tuesday, the American Petroleum Institute (API) said that the country's oil stockpiles slid by 8.1 million barrels. The US Energy Information Administration (EIA) is set to release official weekly oil inventories data later in the day.

International benchmark Brent for deliveries in September rose 1.96% to sell for $65.52 per barrel at 6:30 am ET and West Texas Intermediate (WTI) climbed 2.23% to go for $59.26 at the same time.

Breaking the News / NP