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Oil pops more than 3 percent after huge crude drawdown

Oil prices popped more than 3 percent Thursday after U.S. crude inventories fell by 14.5 million barrels in the last week, compared with expectations for an increase of 225,000 barrels.

Oil prices were up more than 1.5 percent after U.S. industry data showed a large drawdown in crude stocks, reflecting the temporary impact of an Atlantic storm.

U.S. crude stocks fell 12.1 million barrels last week, data from the American Petroleum Institute showed after the market settled on Wednesday, compared with expectations for an increase of around 200,000 barrels.

Benchmark Brent crude oil was up $1.72 a barrel at $49.70 by 11:25 a.m. ET, after settling up 72 cents on Wednesday.

U.S. light crude was up $1.71 cents at $47.21 a barrel, having ended the previous session up 67 cents.