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Oil rises 18 cents to 3½-year high, settling at $71.49, as US crude stockpiles drop

CNBC
Oil rises 18 cents to 3½-year high, settling at $71.49, as US crude stockpiles drop

Oil prices ticked higher on Wednesday after a U.S. crude inventory report showed domestic crude stocks falling more than expected. Brent crude futures were up 87 cents, or 1.1 percent, at $79.30 per barrel by 2:29 p.m. ET. U.S. West Texas Intermediate (WTI) crude futures rose 22 cents to $71.53 a barrel