Crude Stockpiles Shrink, Sending Oil Prices Higher

Oil prices rose Wednesday on a government report that showed a big drawdown of U.S. fuel stockpiles as the summer driving season winds down.

The U.S. Energy Information Administration on Wednesday said that crude-oil inventories decreased by 10 million barrels from the previous week despite record domestic production, bringing inventories in line with the five-year average and allaying fears that the market would be oversupplied at a time of year when demand from U.S. drivers begins to wane.

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