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Oil Prices End Higher As U.S. Crude Production, Inventories Drop

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Oil prices remained at the highest levels in more than three years Wednesday after data showed that U.S. crude output and stockpiles fell.

[ibd-display-video id=3037819 width=50 float=left autostart=true] Domestic production fell to 9.49 million barrels per day last week from 9.78 million bpd in the prior week, according to the Energy Information Administration.

Inventories fell by 4.9 million barrels, while gasoline stockpiles rose by 4.1 million barrels. Analysts polled by S&P Global Platts had forecast a 3.5 million-barrel drop in crude and a 2.3 million-barrel increase in gasoline supplies.

U.S. crude settled 1% higher at $63.57 a barrel, the highest since Dec. 9, 2014. Dow Jones industrial component Exxon Mobil ( XOM ) closed down 0.8% on the stock market today . Fellow Dow stock Chevron ( CVX ) rose 0.6%. BP ( BP ) edged up 0.1% and Royal Dutch Shell (RDSA) added 0.4%.

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The American Petroleum Institute said late Tuesday that stockpiles fell by 11.2 million barrels last week, marking the biggest drawdown for this time of year since 1999, Bloomberg reported.

Gasoline inventories rose by 4.3 million barrels.

Earlier Tuesday, the EIA raised its 2018 global crude demand growth outlook by 100,000 barrels per day in its short-term energy outlook report.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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