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Oil hits 2016 high after U.S. crude draw report, gasoline rally

A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo.

USA: Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles.

Brent and U.S. crude's West Texas Intermediate (WTI) futures finished regular trading about 3 percent higher, riding on the coattails of a gasoline rally that hit August highs after a series of refinery hikes.

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