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WTI Trades Near One-Week High as U.S. Crude Stockpiles Decline

West Texas Intermediate traded near the highest price in a week after U.S. crude inventories dropped to the lowest level since January, shrinking the grade’s discount to North Sea Brent to the least in five trading sessions.

Futures were little changed in New York after rising 0.5 percent yesterday. Stockpiles fell by 6.9 million barrels to 367 million in their third weekly decrease, the longest run of declines this year, as refiners processed the most crude in almost eight years, the Energy Information Administration said yesterday. Gasoline and diesel demand typically increases during the peak vacation season in summer.