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WTI crude futures rise amid strong U.S. product oil consumption

2018-11-16 08:41

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U.S. oil prices gained 0.37 percent Thursday amid big rise of commercial crude oil stockpiles and fall of oil product inventories within last week in the United States.

U.S. commercial crude oil inventories posted sharp increase of 10.3 million barrels in the week ending Nov. 9, according to the latest data issued by Energy Information Agency on Thursday.

Motor gasoline stockpiles dropped 1.4 million barrels and distillate fuel inventories fell 3.6 million barrels week on week, indicating strong demand in the downstream.

The West Texas Intermediate (WTI) for December delivery picked up 0.21 U.S. dollar to settle at 56.46 dollars a barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for January delivery grew 0.5 dollar to close at 66.62 dollars a barrel on the London ICE Futures Exchange.
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