Oil prices up 1 percent after ninth weekly U.S. crude drawdown

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Baku, July 21 AZERTAC

Oil prices rose as much as 1 percent on Wednesday, lifting U.S. crude from two-month lows, after the U.S. government reported a ninth straight week of crude inventory draws, easing some concerns in a market worried about a glut.

According to Reuters, U.S. gasoline prices, however, hit four-month lows after the data from the U.S. Energy Information Administration also showed a surprise build in supplies of the motor fuel despite forecasts of American drivers hitting the road in record numbers this summer.

Oil prices are up nearly 75 percent since hitting 12-year lows of around $27 for Brent and about $26 for WTI in the first quarter. The rally stalled after the two benchmarks breached the $50 psychological barrier in May amid worries that higher prices will add to production.

Prices had been depressed lately by a glut in motor fuels despite the U.S. peak summer driving season.

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