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Oil Settles Lower After U.S. Supplies Tumble Most in Seven Months: Report

Oil climbed after U.S. crude inventories dropped the most in seven months and the Federal Reserve said it may take steps to boost the economy, Bloomberg reports.

Futures advanced 1% after the U.S. Energy Department said stockpiles decreased 6.52 million barrels last week, the biggest decline since December. The Federal Reserve said it will closely monitor the economy and may take action "as needed" to spur the recovery. The European Central Bank may take steps to ease Europe's debt crisis at a meeting tomorrow.

Crude oil for September delivery rose 85 cents to settle at $88.91 a barrel on the New York Mercantile Exchange. Prices gained 3.6% in July and are down 10% this year.

Brent oil for September settlement increased 98 cents, or 0.9%, to $105.90 a barrel on the London-based ICE Futures Europe exchange.

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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.

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