WTI Crude Increases After Stockpiles at Cushing Hub Drop
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West Texas Intermediate crude climbed as a government report showed that inventories in Cushing, Oklahoma, the delivery point for the contract, dropped to the lowest level in a year and a half.
Futures rose 1.1 percent after the Energy Information Administration said Cushing stockpiles fell 1.83 million barrels to 34.8 million last week, the fewest since February 2012. Nationwide supplies slipped 1.84 million barrels to 360.2 million. Prices also gained as President Barack Obama searched for diplomatic backing for a U.S. military strike on Syria while at the Group of 20 summit in St. Petersburg, Russia.