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Oil jumps 2 percent on surprise U.S. crude inventory draw

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Reuters
Last Updated : May 11 2016 | 8:23 PM IST

REUTERS - Oil prices jumped more than 2 percent on Wednesday after the U.S. government reported a big U.S. crude inventory draw for last week, surprising analysts who had expected a build instead.

Brent crude futures rose $1.20, or 2.7 percent, to $46.72 per barrel by 10:36 a.m. EDT (1436 GMT). U.S. crude's West Texas Intermediate futures gained $1 to $45.66.

(Reporting By Barani Krishnan Editing by W Simon)

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First Published: May 11 2016 | 8:18 PM IST

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