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Crude oil prices soared to a yearly high above $77 per barrel Thursday as the Energy Department reported an unexpected drop in gasoline supplies and a smaller-than-predicted jump in crude stockpiles.
Light sweet crude for crude oil rallied to $77.58 per barrel, up $2.40 on the session. Prices earlier reached as high as $77.97.
The Energy Information Administration reported crude oil inventories increased by 400,000 barrels in the week ended October 9, compared to the build of 2.2 million barrels projected by analysts.
Motor gasoline inventories decreased by 5.2 million barrels last week. Supplies were expected to rise 1.6 million barrels.
Late Wednesday afternoon, the American Petroleum Institute reported that crude supplies declined 172,000 last week. Gasoline inventories fell 2.66 million barrels.
On the economic front, the Labor Department revealed that consumer prices rose by 0.2 percent in September, matching economists' expectations. This followed an advance of 0.4 percent in the previous month. CPI was down 1.3 percent year-over-year.
Separately, the Labor Department revealed that jobless claims fell to 514,000 from the previous week's revised figure of 524,000. Economists had been expecting jobless claims to edge down to 520,000 from the 521,000 originally reported for the previous week.
The Philadelphia Fed index came in at 11.5. A reading of 12.3 was forecast for October, compared to a 14.1 in September.
The greenback surrendered a comeback attempt against the euro, keeping oil's hedge appeal strong. The dollar had gave back a modest rebound against the euro and moved back toward a a 14-month low of 1.4967 reached in the early morning. The dollar also dropped against the resurgent British pound.
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