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July 29, 2021, 2:42 p.m. EDT

Oil futures settle higher, with U.S. prices at highest in over 2 weeks

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By Myra P. Saefong

Oil futures settled higher on Thursday, with U.S. prices at their highest in more than two weeks a day after the Energy Information Administration reported weekly declines in U.S. crude, gasoline and distillate supplies. Volatility in oil remains, given the spread of the COVID variant, said Dan Flynn, an analyst at The Price Futures Group. However, "demand is increasing even with the headlines that a year ago would have sent shockwaves in the market," he said. West Texas Intermediate crude for September delivery climbed by $1.23, or 1.7%, to settle at $73.62 a barrel on the New York Mercantile Exchange, the highest front-month finish since July 13, FactSet data show.

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