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West Texas Intermediate oil futures settled modestly higher overnight following a turnaround in the minutes leading up to the close as traders assessed a weekly U.S. government report showing that crude supplies fell but production rose.
July crude ticked up 0.3% to settle at US$57.68 a barrel on the New York Mercantile Exchange.
Data from the Energy Information Administration today showed crude oil inventories fell by 2.8 million barrels in the last week compared with analysts' expectations for an decrease of 857000 barrels.
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