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U.S. crude ends up on debt hopes, stocks as Aug expires

Published 07/20/2011, 02:50 PM
Updated 07/20/2011, 02:56 PM
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NEW YORK, July 20 (Reuters) - U.S. crude oil futures ended higher on Wednesday on volatile trading, with hopes rising that U.S. debt issues as well as problems besetting the euro zone would be resolved, traders said.

U.S. crude gained support earlier on a higher-than-expected drawdown in domestic crude stocks last week but later pulled back as traders liquidated positions on the front-month August contract, before oil futures regained strength near the close.

On the New York Mercantile Exchange, the September crude contract settled at $98.40 a barrel, up 54 cents, or 0.55 percent, after trading from $96.93 to $99.37.

The August contract expired and settled at $98.14, up 64 cents, or 0.66 percent, after trading from $96.64 to $99.02. (Reporting by Gene Ramos)

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