Melbourne — Oil prices rose about 1% on Wednesday, extending overnight gains, after industry data showed US crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves.
US crude stocks fell by 6.1-million barrels for the week ended September 17, market sources said, citing figures from the American Petroleum Institute on Tuesday. The market will be watching out for data from the US. Energy Information Administration on Wednesday to confirm the big drops in crude and fuel stocks.
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The ever fluctuating crude oil prices..