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Crude Oil Higher Even as US Inventories Swell

January 27, 2016 at 17:03 by Vladimir Vyun

West Texas Intermediate crude oil pared losses and the Brent grade of crude gained despite bearish supply report from the Energy Information Administration. The agency reported that US inventories grew by 8.4 million barrels last week, well above the analysts’ predictions of a 3.8 million gain, staying near the record levels. At the same time, stockpiles in Cushing, Oklahoma, fell by 771,000.

Oil prices were rather volatile this week. Futures Biggest Bounce House for the commodity started the week with a more than 2 percent drop. Yet prices surged more than 4 percent yesterday.

March contract for WTI crude oil gained 1.05 percent to $31.78 per barrel as of 16:59 GMT on NYMEX today after falling to $30.69 intraday. Brent oil rallied 1.57 percent to $32.30 per barrel on ICE.

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