Crude Futures Rise to $53 a Barrel, Supplies Fall

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Oil prices jumped on Wednesday as a U.S. government report showed crude stocks falling for the first time in 10 weeks and gasoline inventory dropping ahead of peak summer driving demand.


U.S. light crude rose 71 cents to $53 a barrel. Prices climbed $1.92, or nearly 4 percent, in New York on Tuesday, ending a two-week slide. London Brent crude gained $1.10 to $54.04 a barrel.


The U.S. Energy Information Administration said that crude stocks, which have been at the highest level in nearly three years, dropped 1.8 million barrels to 318.9 million last week. Gasoline stocks also fell by 1.5 million barrels to 211.6 barrels, the EIA said.


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