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Oil futures add to gains after surprise supply drop

From marketwatch.com

Crude-oil futures rose further on Wednesday after a government report showed a surprise decline in inventories. Crude for September delivery CLU4 +0.30% , the new front-month contract, advanced 0.3% to $102.66 a barrel on the New York Mercantile Exchange. The contract had traded around $102.57 a barrel before the report. The Energy Information Administration said crude inventories declined 4 million barrels in the week ended July 18. Analysts polled by Platts expected crude oil stocks to decline 2.6 million barrels. The EIA said gasoline supplies added 3.4 million barrels in the week, while distillates, which include ... (full story)

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