Surprising Fall in Crude Inventory Lifted Oil Prices

Crude oil prices rallied as US DOE/EIA report a sharp inventory decline. The front-month WTI contract jumped to a 15-month high of 51.93 earlier in the day before settling at 51.6, up +2.61%. The Brent contract rose to as high as 53.14 before ending the day at 52.67, up +1.92%. Wall Street strengthened as driven by energy shares and encouraging corporate earnings results.

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Surprising Fall in Crude Inventory Lifted Oil Prices