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Oil prices extend gains after US crude inventories fall by 3.9 million barrels

The Address | Benghazi – Libya

NEW YORK – Oil prices rose on Wednesday, buoyed by a large U.S. inventories drawdown and as sanctions stall exports from Venezuela, CNBC reported.

International Brent crude oil futures were at $67.37 a barrel, up 70 cents, or 1.05 percent, from their last close. U.S. West Texas Intermediate crude futures were at $57.99 per barrel, up $1.12, or 2 percent — building on their strong gains from earlier in the day.

The Energy Information Administration said Wednesday that U.S. crude inventories fell by 3.9 million barrels last week. The data came after the American Petroleum Institute also said Tuesday that U.S. crude stocks had fallen in the previous week.

Oil prices have been pushed up this year by supply cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries.

Saudi Energy Minister Khalid al-Falih said on Sunday that the production-curbing agreement would likely last until at least June. Saudi Arabia, the world’s top oil exporter, indicated on Monday that it would cut April exports.

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