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Oil prices climb on falling US crude inventories

May 30, 2019 12:09 IST

Oil prices on Thursday surged following a surprise decline in US crude inventories that exceeded analyst expectations. WTI crude futures were up 0.3% at $59 per barrel while Brent crude futures were up marginally to trade at $69.48 per barrel. US oil inventory data is the measurement of weekly change in the number of barrels held by the country that saw a decline of 5.3 million barrels last week. Fall in oil supply from Iran and output cuts by OPEC and allies also led to jump in crude prices.

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