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Crude oil hits $47 after shocking U.S. report

Staff Writer | July 19, 2017
Crude oil futures continued to rise Wednesday, surging above $47 after a surprisingly large drop in U.S. oil inventories.
Crude oil
Energy   Domestic crude supplies fell by 4.7 million barrels
Domestic crude supplies fell by 4.7 million barrels for the week ended July 14, the Energy Information Administration (EIA) said.

This was a huge shock considering industry data from the American Petroleum Institute showed a significant build in stockpiles.

Gasoline stockpiles also fell by 4.4 million barrels, while distillate stockpiles declined by 2.1 million barrels last week.

With traders trusting the EIA report, August crude oil rose 66 cents, or 1.4%, to $47.06 a barrel on the New York Mercantile Exchange, its highest in six weeks.

The Commerce Department said housing starts surged up by 8.3% to an annual rate of 1.215 million in June from the revised May estimate of 1.122 million.

Economists had expected housing starts to rise to a rate of 1.155 million from the 1.092 million originally reported for the previous month.