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West Texas Intermediate crude rose after stockpiles at Cushing, Oklahoma, delivery point for the contract, dropped for the 16th time in 17 weeks. Brent gained after rebels downed a military helicopter in eastern Ukraine.
Supplies at Cushing fell 1.53 million barrels to 21.7 million last week, the lowest level since November 2008, an Energy Information Administration report showed. Nationwide stockpiles rose 1.66 million barrels to 393 million. Brent has climbed this month on concern that violence in Ukraine might lead to a disruption of shipments of oil and gas from Russia.
WTI for July delivery increased 51 cents, or 0.5 percent, to $103.23 a barrel at 11:06 a.m. on the New York Mercantile Exchange. Futures traded at $103.06 before the release of the report at 11 a.m. in Washington. The volume of all futures traded was 41 percent below the 100-day average.
Brent for July settlement climbed 55 cents, or 0.5 percent, to $110.36 a barrel on the London-based ICE Futures Europe exchange. Volume was 15 percent lower than the 100-day average.
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