NEW YORK: Oil prices rose for a fifth day on Wednesday, closing in on US$75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.
Crude inventories fell by 7.4 million barrels in the week to June 11, the U.S. Energy Information Administration said, as refining utilization rose to 92.6%, highest since January 2020, before the pandemic hit.
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