Oil prices surged by almost 1% on Wednesday, trading near their highest since April, as crude and fuel products inventory data showing robust demand from the world’s biggest fuel consumer, the U.S., offset demand concerns elsewhere.
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Brent crude futures for October rose 76 cents, or 0.90%, to $85.67 a barrel at 0407 GMT. Likewise, U.S. West Texas Intermediate crude for September climbed 76 cents, or 0.93%, to $82.13 a barrel.
U.S. oil inventories fell by 15.4 million barrels in the week ended July 28, according to market sources citing American Petroleum Institute figures, compared with analysts’ estimates for a drop of 1.37 million barrels.
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