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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.

Oil prices climb on falling US crude inventories

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