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Oil Jumps to Highest in a Month as U.S. Reports Stockpile Drop

Oil closed at its highest in a month following a bigger-than-expected decline in U.S. crude stockpiles.

The Energy Information Administration reported nationwide crude inventories fell 2.57 million barrels last week, larger than the 1.49 million-barrel drop that analysts forecast in a Bloomberg survey. West Texas Intermediate futures settled 1.4 percent higher on Wednesday, even though during the session prices pulled back briefly amid concerns over a third straight rise in supplies at the key Cushing, Oklahoma, storage hub.

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