Crude oil prices traded near the highest in three months in New York, on Wednesday Sydney time after reports that U.S. oil inventories suffered the biggest drop in three weeks. Price of West Texas Intermediate oil for October delivery fell 4 cents to just 96.80 dollars per barrel in electronic trading on the New York Mercantile Exchange, on Wednesday at 09:11 am Sydney time. Yesterday, oil prices rose 71 cents to 96.68 U.S. dollars, which is the highest close since May 10, 2012.

Brent oil for October setting up 94 cents or 0.8 percent, to 114.64 dollars a barrel on the ICE Futures Europe exchange, based in London, England, yesterday. According to data from the American Petroleum Institute, U.S. crude oil inventories fell as much as 6 million barrels last week.

Meanwhile, a Bloomberg survey estimates from the U.S. Energy Department report due out today will tell inventories decreased by 250,000 barrels. Meanwhile, the API reported that U.S. gasoline inventories rose by 869,000 barrels last week. Meanwhile, the Energy Department is expected to issue a report that gasoline inventories fell 1.4 million barrels.

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