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11/14, 11:40 AM (Source: TeleTrader)
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Oil prices up nearly 1% on drop in US stockpiles

Crude futures rose on Thursday as investors digested private data which showed an unexpected drop in American oil inventories, as well as comments from OPEC Secretary-General Mohammad Barkindo.

The American Petroleum Institute (API) said the United States crude stockpiles declined by 525,000 barrels last week. The official data from the US Energy Information Administration (EIA) is due for release later in the day. Meanwhile, Barkindo said he expects a "sharp downward revision" of US shale output from 2020. Market watchers are also awaiting OPEC's monthly report.

Brent for deliveries in January jumped 0.99% to sell for $63.02 per barrel at 5:28 am ET and West Texas Intermediate (WTI) for settlements in December climbed 0.96% to go for $57.68 per barrel at the same time.

Breaking the News / NP