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Crude Prices Move Higher By Over 2 Percent On Report Of Drop In Stockpiles

Crude prices continued their upmove on Wednesday gaining over two percent on the back of government data showing sharp drops in crude and refined products stockpiles, an equities rally and a weaker dollar against other major currencies. According to the US Energy Information Administration`s weekly report Crude oil stockpiles fell 2.3 million barrels to 357 million barrels.

Gasoline stocks fell 1.58 million barrels, Distillate stocks, which include heating oil and diesel fuel, fell 2.5 million barrels to 148.3 million barrels, while the Refining capacity utilization rose 1.1 percentage points to 82.5%, though that remained 3.4 percentage points below the year-ago levels.

Benchmark crude for June rose $3.17, or 2.93 percent to settle at $111.45 a barrel, after trading in a range from $107.96 to $111.66 on the New York Mercantile Exchange. In London, Brent crude for June rose $2.12, or 1.7 percent, to $123.45 a barrel on the ICE.

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