MTECHTIPS;-Crude Oil Prices Settle at 3-Week Highs as Supplies Sink, Iran Exports

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MTECHTIPS;-Crude Oil Prices Settle at 3-Week Highs as Supplies Sink, Iran Exports Ease

MTECHTIPS-WTI crude oil prices settled at three-week highs Wednesday on a government inventory report showing U.S. crude supplies fell sharply last week, and signs U.S. sanctions on Iran were starting to hurt the Islamic Republic’s crude exports. On the New York Mercantile Exchange crude futures for October delivery rose 1.4% to settle at $69.51 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.98% to trade at $77.04 barrel. Inventories of U.S. crude fell by 2.566 million barrels for the week ended Aug. 24, greater than expectations for a draw of just 0.686 million barrels, according to data from the Energy Information Administration (EIA). The large draw in crude supplies comes as imports fell by about 0.657 million bpd, while exports rose by 0.624 million bpd, data from EIA showed.Production was unchanged at 11.0 million barrels a day (bpd), which also supported the draw in crude supplies, after rising for two-straight weeks

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