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12/4, 5:13 PM (Source: TeleTrader)
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Oil continues surge on decline in crude inventories

Prices of oil continued to soar on Wednesday as the Energy Information Administration revealed a drop in inventories of crude in the United States. According to the latest data, crude oil in stocks decreased by 4.9 million barrels to 447.1 million barrels in the past week.

Meanwhile, markets are bracing for the final decision on output cut extension during OPEC's annual meeting in Vienna tomorrow. The cartel, as well as the allied oil producers led by Russia, are largely expected to extend output cuts and even deepen them further in an effort to offset record production in the US.

West Texas Intermediate futures for January settlement surged 3.49%, going for $58.41 at 10:59 am ET, while Brent futures for delivery in February advanced 3.38% at the same time, selling for $63.24 per barrel of crude.

Breaking the News / GG