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Oil Set for Biggest Weekly Gain in 2 Months as U.S. Supply Drops

  • Crude inventories in U.S. dropped the most since June: EIA
  • End of oil-export ban seen helping WTI to premium over Brent
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What's Driving Oil Prices to a One-Week High?

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Oil in New York headed for the largest weekly gain in more than two months as U.S. inventories declined and the number of drilling rigs fell.

Futures are up 8.9 percent this week, the biggest advance since Oct. 9. Stockpiles slid 5.88 million barrels last week, the biggest loss since June, government data showed.  A 1.2 million-barrel gain was projected in a Bloomberg survey. Gulf Coast refiners typically curb deliveries at the end of the year to reduce local taxes. The number of active oil rigs in the U.S. fell by 3 to 538 this week, according to Baker Hughes Inc.