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Crude Oil On Verge Of Taking $64

Crude oil futures continued to soar Thursday morning amid reports showing an eighth consecutive weekly drop in U.S. oil inventories.

WTI light sweet crude oil was up 34 cents at $63.92 a barrel, the highest in 3 years.

Data from the Energy Department and American Petroleum Institute provided further evidence the global oil market is tightening.

U.S. crude inventories fell 4.9 million barrels last week, the EIA said yesterday, more than the 3.9-million decline forecast. It was the eight week in a row that inventories dwindled.

A weaker dollar helped support oil prices this morning, as the euro rallied following the release of the latest European Central Bank minutes.

On the US economic front, the Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 245K, compared to 250K in the prior week.

The Labor Department's Producer Price Index or PPI for December will be published at 8.30 am ET. The consensus is for 0.2 percent compared to 0.4 percent a month ago.

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