9/16, 4:31 PM (Source: TeleTrader)
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Oil prices surge after data shows large draw in inventories

Crude prices surged on Wednesday amid both private and government reports that revealed a large draw in United States oil inventories.

Earlier, data from the American Petroleum Institute reportedly showed a draw in crude oil inventories of 9.517 million barrels for the week. Then, the US Energy Information Administration said crude oil stockpiles in the US dropped by 4.4 million barrels compared to the previous week to land at 496 million barrels.

West Texas Intermediate for settlements in October jumped 3.16% to $39.49 per barrel at 10:23 am ET. Brent for deliveries in November rose 2.81%, selling for $41.68 per barrel a minute later.

Breaking the News / JC