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Oil prices high due to fall in U.S supplies

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Oil prices climbed Wednesday on indications of falling U.S. crude supplies, with a key industry report due later.

August West Texas Intermediate crude CLQ19, +2.39% rose $1.27, or 2.2%, to $59.09 a barrel, after falling fractionally on Tuesday. The contract wrapped up trading Monday at $57.90, the highest front-month contract finish since May 29, according to Dow Jones Market Data. Prices rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016.

International benchmark August Brent crude BRNQ19, +1.52% gained 90 cents, or 1.4%, to $66.05 a barrel. Brent rose 0.3% to $65.05 on Tuesday. Last Friday, the contract saw its highest close—at $65.20—since May 30 and gained more than 5% last week.

 

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