Crude inventories fall: oil rises

September Brent crude contract has risen by over a dollar to US$110 per barrel. The Department of Energy has reported a much larger-than-expected draw in crude oil inventories for the week ended Jul. 15- by 3.7 million barrels from the previous week compared with the pull of 1.3 million barrels expected. On Tuesday, the American Petroleum Institute reported that crude inventories fell 5.2 mln barrels. A weakening dollar also helped lift oil prices.
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