Oil prices settled at their highest level in about two months on Wednesday after U.S. government figures showed that crude supplies fell for a fourth week in a row. Prices have also found support from promises of cut backs in exports from some members of the Organization of the Petroleum Exporting Countries, concerns about Venezuelan oil supplies and signs of a possible slowdown in U.S. crude production. September WTI crude rose 86 cents, or 1.8%, to settle $48.75 a barrel on the New York Mercantile Exchange. That was the highest finish for a most-active contract since May 30, according to FactSet data.
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