Bullionguru’s,”Crude settles higher on bullish inventory data”

© Reuters.

Crude futures settled higher on Wednesday, buoyed by data showing that supplies of U.S. crude fell by more than expected, easing concerns that U.S. output would continue to derail Opec efforts to reduce excess supply.

On the New York Mercantile Exchange crude futures for August delivery rose by 1% to settle at $45.49 a barrel, while on London’s Intercontinental Exchange, Brent added 0.44% to trade at $47.73 a barrel.

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