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Crude oil futures settle at two-month high on Wednesday

Extending gains for second straight session, crude oil futures ended higher to settle at a two-month high on Wednesday as government data showed that a fifth-straight weekly decline in US crude inventories. The prices are at their highest since July. The Energy Information Administration (EIA) reported Wednesday that US crude supplies fell by 2.1 million barrels for the week ended September 14. Traders also weighed expectations for lower global output due to impending US sanctions on Iran, as well as the prospects for energy demand on the heels of a worsening trade dispute between the US and China.

Benchmark crude oil futures for October rose $1.27 or 1.8 percent to settle at $71.12 a barrel on the New York Mercantile Exchange. November Brent crude gained 37 cents or 0.5% to settle at $79.40 a barrel on London's Intercontinental Exchanged.

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