Oil Prices Settle Higher, Off The Session's Highs As U.S. Supplies Drop, But Output Climbs

By Myra P. Saefong Markets MarketWatch Pulse

Oil prices settled with a gain Thursday, getting a boost as data revealed a hefty, weekly drop in U.S. crude supplies, but domestic output rose, feeding ongoing global supply concerns. August WTI crude rose 39 cents, or 0.9%, to settle $45.52 a barrel on the New York Mercantile Exchange, after tapping a high of $46.53. Prices sank 4.1% Wednesday on reports that Russia ruled out deeper production cuts and OPEC exports rose in June.

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