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June 16, 2021, 2:48 p.m. EDT

U.S. oil futures eke out a slight gain

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By Myra P. Saefong

U.S. oil futures finished slightly higher on Wednesday, barely notching their highest finish in over two and half years. Prices got a boost after the Energy Information Administration reported a larger-than-expected weekly decline in domestic crude inventories, but the U.S. dollar strengthened after the Federal Reserve said it may increase interest rates earlier than it previously expected, pressuring prices for dollar-denominated oil. West Texas Intermediate oil for July delivery rose 3 cents, or 0.04%, to settle at $72.15 a barrel on the New York Mercantile Exchange, the highest front-month contract finish since October 2018, FactSet data show. It had traded as high as $72.99 during the trading session.

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