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7/31, 5:12 PM (Source: TeleTrader)
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Oil prices hit 15-day high as US inventories drop

Crude slightly extended gains on Wednesday as official data showed commercial inventories in the United States were reduced last week by a strong 8.5 million barrels, signaling a rebound in economic activity. Benchmark futures immediately pulled back as investors cashed in, being cautious about repositioning ahead of the monetary policy update from the Federal Reserve. Also, the latest report wasn't too far off the estimate issued yesterday by the American Petroleum Institute. Policymakers are widely expected to cut interest rates for the first time in 11 years, by 0.25 percentage points, but the details of a potential change in stance will probably be made clear only at the press conference scheduled to be held by Chair Jerome Powell.

West Texas Intermediate for delivery in September was 0.41% up at 5:02 pm CET, selling for $58.29 per barrel. Brent for settlement also in the said month advanced 0.57% to $65.09 for one barrel. Earlier they touched $58.82 and $65.42, both the highest points since July 15.

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