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Oil Prices Rise on Decline in U.S. Unrefined Inventories

Oil costs ascended on Thursday in Asia after information indicated U.S. unrefined inventories fell a week ago.

The Energy Information Administration (EIA) said unrefined petroleum inventories plunged by 9.50 million barrels in the week to July 5. Conjectures anticipated a store draw of 3.08 million barrels, after a decrease of 1.09 million barrels in the earlier week.

Oil costs hopped as much 4.5% medium-term quickly following the EIA report.

On Tuesday, the American Petroleum Institute report demonstrated a 8.1 million barrel fall in inventories a week ago.

U.S. Raw petroleum WTI Futures last exchanged at $60.62 by 1:14 AM ET (05:14 GMT), up 0.3%. Universal Brent Oil Futures increased 0.2% to $67.17.

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