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Rich Asplund

Crude Prices Rally Sharply as U.S. Inventories Tighten

Oil EIA United States Vortexa

November WTI crude oil (CLX23) on Wednesday closed up +3.29 (+3.64%), and Nov RBOB gasoline (RBX23) closed up +3.354 (+1.33%).

Nov WTI crude oil and gasoline prices Wednesday rallied sharply, with crude climbing to a 13-month high. Crude prices continue to push higher on concern that global oil supplies will remain tight for the foreseeable future. Crude prices extended their gains after Wednesday's weekly EIA report showed EIA crude inventories fell to a 9-month low and crude supplies at Cushing, the delivery point of WTI futures, dropped to a 14-month low.

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