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Oil prices rise on U.S. inventory drawdown

Xinhua, August 18, 2016 Adjust font size:

Oil prices rallied for a fifth straight session Wednesday as official data showed U.S. crude stockpiles dropped last week.

The West Texas Intermediate for September delivery increased 0.21 U.S. dollar to settle at 46.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 0.62 dollar to close at 49.85 dollars a barrel on the London ICE Futures Exchange. Endit