9/22, 9:52 AM (Source: TeleTrader)
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Oil moves up 1% as US inventories drop

Prices of oil futures rose more than 1% on Wednesday after private data from the American Petroleum Institute (API) revealed a larger-than-expected drop in the United States crude inventories.

The traders will also monitor the US Energy Information Administration report, scheduled for release later during the day, as well as the euro area's consumer sentiment data for September.

West Texas Intermediate (WTI) for settlements in November gained 1.45% at 3:51 am ET to sell for $71.51 per barrel. Brent for deliveries in November went up by 1.28%, trading at $75.31 per barrel at the same time.

Breaking the News / BU