WASHINGTON (dpa-AFX) - Crude oil prices continued to rally Wednesday amid geopolitical tensions and a significant drop in U.S. oil inventories.
The Energy Information Administration reported a draw of 2.2 million barrels in U.S. crude oil inventories. That's a much bigger drop in inventories than expected. Gasoline inventories also fell more than 2 million barrels.
Meanwhile, Iranian officials snapped back at the U.S. for getting out of the nuclear deal.
Iran's religious leader Ayatollah Ali Khamenei accused the US President of telling 'more than 10 lies' during the Trump announcement speech.
'You heard last night that the president of America made some silly and superficial comments,' Mr Khamenei said in a statement on his official website on Wednesday.
Iran says the U.S. tensions will not effect its oil production, but traders expect some supply interruptions from the Middle East.
June WTI oil gained $2.08, or 3%, to settle at $71.14/bbl, the highest since November 2014.
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