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Oil prices surge to new 3-yr highs

Oil prices surge to new 3-yr highs

Mubasher: Oil prices increased on Wednesday to their highest level in three and a half years backed by American crude data.

Crude prices were supported by the decline in oil inventories in the United States by 1.07 million barrels last week, as shown by the data of the American Energy Information Administration (EIA) on Wednesday.

Nymex futures went up 2.9% or $1.95 to settle at $68.47 per barrel, its highest closing level since 1 December 2014.

Meanwhile, Brent added 2.7% to reach $73.5 a barrel, its highest level since November 2014.