West Texas Intermediate crude oil traded up 1.6% at $46.94 a barrel after weekly US Energy Information Administration inventory data showed a bigger drawdown than expected.
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Oil spikes as US inventories tumble by more than expected
US inventories fell by 5.25 million barrels.
US inventories fell by 5.25 million barrels during the week ended May 5. Economists were anticipating a drop of 2 million barrels, according to Bloomberg.
The energy component was already trading higher on Wednesday after data released by
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