Oil Prices Rise on Surprise Draw in US Crude Stockpiles

(From Reuters)

Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in U.S. crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries. . . .

“Numbers from the American Petroleum Institute surprised the market (on Tuesday), with U.S. crude oil inventories declining by 2.13 million barrels over the last week, compared to expectations of a stock build,” said ING commodities strategist Warren Patterson.

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