Oil pushes higher after latest US inventory draw | Financial Times:
Oil prices climbed to multi-week highs on Wednesday, after data pointed earlier on Wednesday to a larger-than-expected decline in US crude stockpiles last week.
West Texas Intermediate, the US standard, was up 1.7 per cent to $69.70 a barrel, approaching the $70 a barrel mark for the first time in a month. Brent, the international benchmark, was up 1.84 per cent to $77.33 a barrel, its highest in seven weeks.
The gains come after the US Energy Information Administration said that US crude inventories fell by 2.6m barrels in the week ended August 24, versus analysts’ expectations for a smaller 686,000-barrel decrease, according to Thomson Reuters.
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