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Oil Rises as Industry Data Shows U.S. Crude Inventory Draw

  • API reports bigger-than-expected drop in fuel stockpiles
  • No meeting between U.S. and Iran means no hope for waivers
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Oil Analyst Sen Says Physical Crude Market Is 'Incredibly Tight'
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Oil posted its biggest intraday jump in two weeks after industry data showed a larger-than-expected decline in crude inventories last week.

Futures in New York climbed as much as 3.9% Tuesday as the industry-funded American Petroleum Institute reported nationwide crude stockpiles fell 11.1 million barrels. That would be the largest decline since June if government data confirms it Wednesday. The API also reported a draw in gasoline and distillates totaling about 2.8 million barrels.