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Crude Oil Surges To 3-year Peak

Crude oil prices continued to rally Wednesday, hitting 3-year highs despite confirmation that U.S. stockpiles are brimming.

U.S. crude stocks rose unexpectedly last week as production increased to another weekly record, the Energy Information Administration (EIA) said April 11.

Crude inventories rose by 3.3 million barrels (bbl) in the week ended April 6, compared with analysts' expectations for a decrease of 189,000 bbl.

Rising imports contributed to the glut.

Tensions in the Middle East, particularly over bombings in Syria, have boosted oil prices this week.

WTI light sweet oil surged up $1.31, or 2%, to settle at $66.82/bbl. That's the highest since 2014.

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