8/5, 2:04 PM (Source: TeleTrader)
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Oil surges over 3% to reach 5-month highs

Crude futures extended gains on Wednesday, hitting the highest levels since early March after private data showed a large drop in United States oil inventories.

According to the American Petroleum Institute (API), US stockpiles fell by 8.6 million barrels last week. Official figures on inventories are set to be released later in the day by the US Energy Information Administration (EIA).

West Texas Intermediate (WTI) for September delivery rallied 3.84% to go for $43.30 per barrel at 7:55 am ET and Brent for settlements in October climbed 3.65% to sell for $46.03 per barrel at 7:56 am ET.

Breaking the News / NP