INQUIRER.net: Oil prices rise after big drop in US crude supplies

INQUIRER.net Philippine News for Filipinos

Oil prices rise after big drop in US crude supplies Jul 18th 2013, 01:29 NEW YORK CITY - Oil prices Wednesday moved higher after the US inventory report showed a larger-than-expected drop in US crude stockpiles.   The US benchmark West Texas Intermediate crude for August delivery ended 48 cents higher at $106.48 per barrel.   In London, Brent oil for September delivery added 47 cents to $108.61.   The rise in prices came after the US Department of Energy said crude inventories last week fell by 6.9 million barrels, well above the 2.2 million barrels estimated by analysts in a Dow Jones Newswires survey.   It was the third straight week that US inventories dropped by a large amount.   However, analysts sai... Keep on reading: Oil prices rise after big drop in US crude supplies Media files: crude-oil-rig.jpg (image/jpeg)

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