WASHINGTON (dpa-AFX) - Crude oil futures soared Thursday as U.S. oil inventories plunged the most in nearly twenty years.
U.S. commercial crude oil inventories declined by 14.5 million barrels during the week ending on September 2nd, according to the Energy Information Administration's latest report.
Analysts blamed shutdowns in the Gulf due to Hurricane Hermine.
October WTI oil settled at $47.60 /bbl. on Nymex, up $2.12, or 4.7%.
First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended September 3rd, according to a report released by the Labor Department.
The report said initial jobless claims dipped to 259,000, a decrease of 4,000 from the previous week's unrevised level of 263,000.
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