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International benchmarks for oil prices moved higher on Wednesday (20 July) on the US Energy Information Administration’s report showing crude stockpiles fell by 2.3 million barrels last week, offsetting a surprise rise in gasoline inventories. Refiners are also running at higher rate, thwarting expectations that a glut of fuel products would start to damp refiners’ demand for crude.

WTI closed at $44.94/barrel (+$0.29) August delivery

Brent closed at $47.17/barrel (+$0.51) September delivery