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Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories. It was a second straight day of gains for oil, which has risen nearly 8 percent since Monday's settlement to recover almost all of what it lost after Britain's shock vote to exit the European Union. Comment?
Oil prices jumped nearly 3 percent on Wednesday after the U.S. government reported a larger-than-expected weekly drawdown in crude inventories, adding fuel to an existing rally on fading concerns over Britain's exit from the European Union. The potential for an oil workers strike in Norway and a crisis in Venezuela's energy sector also added support to crude futures. Comment?
Oil prices rose more than 2 percent on Monday, a second straight day of gains, as polls showing a lower likelihood of Britain leaving the European Union weakened the dollar, boosting commodities priced in the U.S. currency. Data from market intelligence firm Genscape pointing to a drawdown of 568,213 barrels at the Cushing, Oklahoma delivery base for U.S. crude futures in the week to June 17 also helped sentiment, said traders who saw the numbers. Comment?
Crude futures rose for a third consecutive day on Wednesday, hitting 2016 highs above $50 a barrel on supply outages led by the sabotage of oil facilities in Nigeria, before paring gains as glut concerns resurfaced after U.S. data showed a surprise build in gasoline supplies. U.S. crude stocks fell for the third consecutive week to June 3, sliding by 3.2 million barrels versus analysts' expectations for a 2.7 million-barrel drawdown, government data showed. Comment?
Oil prices surged more than 5 percent on Wednesday, heading for their largest gain in three weeks, after the U.S. government reported a surprise draw in domestic crude stockpiles versus market expectations for a new record high. Crude stocks unexpectedly fell 4.9 million barrels last week as refineries continued to hike output and imports dropped, the Energy Information Administration , a division of the U.S. government's Department of Energy, reported. Comment?
Global oil prices fell as much as 4 percent on Monday on concerns a six-week market recovery has gone beyond fundamentals, as U.S. crude stockpiles continue to mount and Iran maintains little interest in a global production freeze. Market intelligence firm Genscape reported an inventory build of 585,854 barrels in Cushing, Oklahoma, taking the delivery hub for U.S. crude futures closer to capacity, traders who saw the data said. Comment?
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