Oil prices rise 2% after reducing supply cuts starting in August

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Oil prices rose 2% on Wednesday, supported by a sharp drop in crude inventories in the United States, after OPEC and its allies moved to reduce supply cuts starting in August.

According to Russia Today, Brent crude contracts ended the world record for the closest trading session high, 89 cents, or 2.1%, to settle at the settlement of $ 43.79 per barrel. The U.S. benchmark West Texas Intermediate crude contracts rose 91 cents, or 2.3 percent, to reach at the settlement of $ 41.20 For the barrel.

Prices received a boost after data from the US Energy Information Administration showed that crude inventories in the United States fell 7.5 million barrels last week.

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