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14-Mar2019

Crude oil futures end higher as US crude supplies drop

Crude oil futures ended higher for third straight day on Wednesday as weekly data revealed a surprise decline in US crude stockpiles and a bigger-than-expected drop in gasoline inventories. The Energy Information Administration (EIA) reported that US crude supplies fell by 3.9 million barrels for the week ended March 8. That ran counter to expectations for a climb of 3.3 million barrels expected by S&P Global Platts. The American Petroleum Institute on Tuesday had reported a 2.6 million barrel decline. Besides, supplies of gasoline dropped by 4.6 million barrels, while distillates edged up by 400,000 barrels last week.

Benchmark crude oil futures for April surged $1.39 or 2.4 percent to settle at $58.26 a barrel on the New York Mercantile Exchange. May Brent crude gained 88 cents or 1.3 percent to settle at $67.55 a barrel on London's Intercontinental Exchange.


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