Reuters

Oil settles near $75, at multi-year highs

Oil prices rose for a fifth day on Wednesday, closing in on $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. Brent crude gained 40 cents, or 0.5%, to hit $74.39 a barrel, reaching its highest since April 2019, and running its gains to five straight days.

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