Oil prices rose on Wednesday on an unexpected decline in U.S. crude inventories and after sources signalled top exporter Saudi Arabia wants to see the crude price closer to $100 a barrel. Front-month U.S. West Texas Intermediate crude futures surged 3.12 percent at $68.75 a barrel. Front-month Brent crude futures gained jumped 2.91 percent to $73.79 a barrel. The spread between the two benchmarks stood at $5.04 a barrel.

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