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20-Dec2018

Crude oil futures end higher as US supplies drop

After a price decline a day earlier pushed the US benchmark down to its lowest finish in nearly 16 months, Crude oil futures ended higher on Wednesday, buoyed by a third straight weekly decline in US crude supplies and a drop in distillate stocks. The Energy Information Administration (EIA) reported that domestic crude supplies fell by 500,000 barrels for the week ended December 14.

Benchmark crude oil futures for January surged 96 cents or 2.1 percent to settle $47.20 a barrel on the New York Mercantile Exchange. February Brent crude gained 98 cents or 1.7 percent to settle at $57.42 a barrel on London's Intercontinental Exchange.


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