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Oil prices turn higher as U.S. supplies fall more than expected

“The IEA also cautioned that oil production from regions outside of the remit of OPEC, notably in the U.S., was set to increase” writes Markets Commodities Reporter for Oil prices turned higher on Wednesday after a U.S. government report revealed a bigger-than-expected decline in domestic crude supplies, which was the largest one-week drop since the end of March.The U.S. Energy Information Administration reported Wednesday that crude supplies fell by 4.1 million barrels for the week ended June 8.Total domestic crude production climbed by 100,000 barrels a day to a fresh weekly record of 10.9 million barrels a day, the EIA report showed.

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