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Oil settles higher on Wednesday

Oil settles higher on Wednesday

Mubasher: Oil futures grew at Wednesday’s settlement on the back of a larger-than-expected decline in US crude supplies.

June Nymex WTI gained $0.72, or 1.2%, to close at $62.12 per barrel.  

The Energy Information Administration (EIA) revealed earlier today that the US crude supplies declined by 4 million barrels for the week ended May 3.