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Crude inventory draw boosts oil prices

The American Petroleum Institute (API) reported on Wednesday a major draw in crude oil inventories of 5.421 million barrels for the week ending October 9.

Analysts had predicted an inventory draw of 2.835-million barrels.

In the previous week, the API reported a build in crude oil inventories of 951,000 barrels, after analysts had predicted a build of 400,000 barrels.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.