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Intermediate crude advanced to a 14-month high after
Futures increased as much as 2.1 percent after the Energy Information Administration said that supplies dropped 9.87 million barrels to 373.9 million. The report was projected to show a 3.2 million-barrel fall, according to the median of 11 analyst responses in a survey.
Crude production rose 1.8 percent to 7.4 million barrels a day last week, the most since January 1992, the EIA said. Production has surged as the combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies trapped in shale formations in the central part of the country.
gained as political upheaval in
for August delivery rose $1.93, or 1.9 percent, to $105.46 a barrel at 10:40
a.m. on the New York Mercantile Exchange. The contract traded at $105.04 before
the release of the EIA report at 10:30 a.m. in
Brent oil for August settlement increased 45 cents, or 0.4 percent, to $108.26 a barrel on the London-based ICE Futures Europe exchange. The volume for all contracts was 23 percent above the 100-day average.
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