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Oil rises 2.5 percent after surprisingly large U.S. crude stock draw

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices climbed more than 2.5 percent on Tuesday along with rising heating oil futures on reports showing cuts in U.S. oil production and declines in U.S. crude and European product stockpiles. U.S. crude stocks plunged almost three times more than forecast in the latest week, while gasoline inventories decreased unexpectedly and distillate stocks built, industry group the American Petroleum Institute said Tuesday.Crude inventories fell by 8.1 million barrels in the week to July 7 to 495.6 million, compared with analysts' expectations for a decrease of ...

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First Published: Wed, July 12 2017. 02:46 IST
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