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Oil rose
West
Texas Intermediate crude rose after stockpiles at Cushing, Oklahoma, delivery
point for the contract, dropped for the 16th time in 17 weeks. Brent gained
after rebels downed a military helicopter in eastern Ukraine.
Supplies
at Cushing fell 1.53 million barrels to 21.7 million last week, the lowest
level since November 2008, an Energy Information Administration report showed.
Nationwide stockpiles rose 1.66 million barrels to 393 million. Brent has
climbed this month on concern that violence in Ukraine might lead to a
disruption of shipments of oil and gas from Russia.
WTI for
July delivery increased 51 cents, or 0.5 percent, to $103.23 a barrel at 11:06
a.m. on the New York Mercantile Exchange. Futures traded at $103.06 before the
release of the report at 11 a.m. in Washington. The volume of all futures
traded was 41 percent below the 100-day average.
Brent
for July settlement climbed 55 cents, or 0.5 percent, to $110.36 a barrel on
the London-based ICE Futures Europe exchange. Volume was 15 percent lower than
the 100-day average.
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