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2018.01.0408:14:00UTC+00Crude Oil On Verge Of $62 After API Report

Crude oil futures extended strong recent gains Thursday morning after an industry survey showing another significant drop in U.S. inventories.

The American Petroleum Institute (API) reported a draw of 4.992 million barrels of U.S. crude oil inventories for the week ending Dec. 29, marking the fourth straight significant weekly draw to end 2017.

The Energy Department is expected to confirm the decline in inventories this morning.

WTI light sweet crude oil was up 15 cents at $61.80 a barrel, the highest since 2014.

Geopolitical tensions including political turmoil in Iraq have also bolstered oil prices.

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