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Oil prices extend gains after big U.S. inventory drawdown

Xinhua, May 11, 2017 Adjust font size:

Oil prices kept rising Thursday as investors continued to cheer over a bigger-than-expected drawdown in U.S. crude stockpiles.

The West Texas Intermediate for June delivery rose 0.50 U.S. dollar to settle at 47.83 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.55 dollar to close at 50.77 dollars a barrel on the London ICE Futures Exchange. Endit