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Oil prices rise after industry data shows big drop in U.S. crude inventories

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Oil futures traded higher Tuesday, getting a lift after industry data showed a large drop in U.S. crude inventories.

Oil futures rose Tuesday, lifted after industry data showed a huge drop in U.S. crude inventories last week, signaling strong demand.

If... Oil futures rose Tuesday, lifted after industry data showed a huge drop in U.S. crude inventories last week, signaling strong demand. If the drop in crude is confirmed by the Energy Information Administration’s official data Wednesday morning, it would be the largest weekly inventory drawdown since 1982, said Ewa Manthey and Warren Patterson, commodities strategists at ING, in a note.

 

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