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MARKET WATCH: Oil prices rise as data shows large US gasoline inventory drawdown

US light, sweet crude oil prices were up Apr. 10 on the New York market, with both the May and June contracts settling above $64/bbl following a steep drop in gasoline stocks as reported by the US Energy Information Administration. While crude inventories for the week ended Apr. 5 were up by 7 million bbl from the previous week, news of a gasoline inventories drawdown of 7.7 million bbl was in sharp contrast to analysts’ expectations of a drop closer to 2 million bbl.

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