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Oil surges to near $74 after API stock draw report
TOKYO - Oil prices jumped on Thursday after an industry group report said U.S. crude inventories fell more than expected last week.
By 0123 GMT, U.S. crude for July was up 93 cents a barrel at $73.79, while Brent crude for July delivery was up 90 cents a barrel at $74.65, after rising earlier as high as $74.81.
The American Petroleum Institute said late on Wednesday that U.S. commercial crude stocks fell by 1.4 million barrels in the week to May 28, more than a 100,000-barrel draw projected by analysts polled by Reuters ahead of the release.
The U.S. Energy Information Administration, a government agency, will issue its own stockpiles report later on Thursday.
The rise for oil futures adds to gains from Wednesday, when oil prices got a boost after data showed pending U.S. home sales rose, encouraging optimism about economic recovery and also lifting equities.