Crude oil prices surged to six-month highs on Wednesday, with signs of better economic growth and a somewhat unexpected drop in gasoline supplies prompting additional gains.
This morning's weekly Petroleum Inventory showed crude stocks up 600,000 barrels in the latest week. That was below trade guesses earlier for an increase of 2.2 million, though the American Petroleum Institute survey late Tuesday showed a decline of 1 million barrels in crude.
Gasoline supplies also followed the API trend, falling 200,000 barrels. While that was far less than the drop of 2.9 million barrels in the API survey, analysts surveyed earlier predicted a 700,000 increase.
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