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Oil Surges to Highest Since 2014 After `Massive' Stockpile Drop

  • U.S. crude inventories declined by 9.89 million barrels: EIA
  • American pressure on Iranian oil buyers also buoying prices
Bloomberg business news
Oil Could Trade Above $90 on Lost Iran Supply, Says Analyst Sen
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Oil jumped to a level last seen in late 2014 after U.S. crude stockpiles tumbled by the most in almost two years.

Futures rose 3.2 percent in New York on Wednesday. Domestic crude inventories declined by 9.89 million barrels last week, as refiners boosted oil processing rates and exports soared to a record, the Energy Information Administration said. Oil stored at the key pipeline hub in Cushing, Oklahoma, shrank for a sixth straight week.