Oil prices rise after Saudi Arabia raises prices for crude to Asia

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Oil futures rose Wednesday after Saudi Arabia raised prices for crude sold in Asia, its largest market, and extended gains after official data showed U.S. crude inventories rose less than expected last week.

Price moves

Market drivers

The Energy Information Administration said U.S. crude inventories rose 1.4 million barrels in the week ended March 1. Gasoline inventories dropped 4.5 million barrels, while stocks of distillates fell 4.1 million barrels.

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