Oil prices settled higher Wednesday, finding support from the largest weekly decline in total U.S. crude production year to date, even as some analysts dubbed the fall as temporary and domestic supplies edged higher. Total U.S. crude production fell by 100,000 barrels a day last week, according to the Energy Information Administration. That's when Tropical Storm Cindy disrupted output in the Gulf of Mexico. Domestic crude supplies rose 100,000 barrels for the week, contrary to expectations for a sizable decline. August WTI crude tacked on 50 cents, or 1.1%, to settle $44.74 a barrel on the New York Mercantile Exchange.
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