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Gasoline, WTI oil futures settle at 5-week highs

Myra P. Saefong

Gasoline futures climbed 5% Wednesday, as news that Philadelphia Energy Solutions refinery plans to close permanently raised concerns over tighter supplies of the fuel on the East Coast. Oil prices, meanwhile, climbed on the back of a nearly 13 million-barrel weekly drop in U.S. crude supplies. July gasoline added 9.3 cents, or 5%, to settle at $1.970 a gallon. August West Texas Intermediate crude added $1.55, or 2.7%, to finish at $59.38 a barrel. Both gasoline and WTI futures logged their highest settlements since May 22.