WASHINGTON (dpa-AFX) - Oil prices rose sharply on Wednesday as data showed a much larger than expected drop in U.S. crude inventories in the week ended August 2nd.Fears about a recession faded
WASHINGTON - Oil prices rose sharply on Wednesday as data showed a much larger than expected drop in U.S. crude inventories in the week ended August 2nd.
The market also reacted to the Bank of Japan's comments that the bank won't hike interest rates when financial markets are volatile. At 429.3 million barrels, U.S. crude oil inventories are about 6 percent below the five year average for this time of year, the EIA said.
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