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6/23, 5:52 PM (Source: TeleTrader)
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Oil prices jump after US inventories report

Oil prices climbed on Wednesday, with major benchmarks gaining nearly 1% after the latest US Energy Information Administration report on crude stockpiles in the country.

According to the data, US crude supplies dropped by nearly 8 million barrels last week, exceeding analyst expectations as recovery from the coronavirus pandemic continues to pick up speed.

Brent for August settlements rose 0.98% to $75.51 per barrel at 11:35 am ET. At the same time, West Texas Intermediate futures for delivery in the same month was up 0.92% to $73.52 per barrel.

Breaking the News / JC