8/18, 7:31 PM (Source: TeleTrader)
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Oil jumps over 3% on US inventory draw

Prices of oil futures continued to increase on Thursday after supply concerns were sparked by a significant decline in the United States oil inventories that was reported yesterday by the Energy Information Administration (EIA).

Earlier in the day, an Iranian official said that "Washington must honestly convince Iran" to return to compliance with the Joint Comprehensive Plan of Action (JCPOA), while Israel again voiced its opposition to the revival of the nuclear deal with Tehran.

West Texas Intermediate (WTI) for settlements in September soared 3.55% to $91.24 per barrel at 1:27 pm ET, while Brent for deliveries in October surged 3.75% to $97.17 per barrel at the same time.

Baha Breaking News (BBN) / MS