New York—NYMEX July crude settled $1.74 higher at $104.07/barrel Wednesday, rallying to a four-week high after US government data revealed US crude inventories plunged more than 7 million barrels last week. July crude traded up to $104.29/b—highest for the front-month contract since April 22. ICE July Brent settled 86 cents higher at $110.55/b. The intra-day price action narrowed the front-month Brent-WTI spread to a four-week low of $6.34/b; it settled at $6.48/b, down from $7.36/b Tuesday.
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