Oil Prices Strengthen on U.S. Supply Drop
Oil prices gained Thursday on a decline in U.S. oil storage levels and better economic numbers from China.
Light, sweet crude for July delivery recently rose $1.04, or 1.8%, to $60.02 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 81 cents, or 1.3%, to $65.84 a barrel on ICE Futures Europe.
U.S. oil inventories fell by 2.7 million barrels last week, the third draw in a row, the U.S. Energy Information Administration said Wednesday. U.S. oil output also fell, to below 9.3 million barrels a day, its lowest level since early February.
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