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Crude Oil Rises Despite Growing US Inventories

October 11, 2012 at 19:15 by Vladimir Vyun

Crude oil futures climbed today even as US inventories expanded more than was predicted. US unemployment claims fell from 369,000 to 339,000 last week, while analysts have forecast them to be stable. That pushed markets to the upside. There was another positive story for oil. Turkey seized cargo from Syrian passenger plane, igniting fears of increasing tension between the countries.

US stockpiles advanced by 1.7 million barrels to 366.4 million barrels last week. Specialists have promised an increase by 1.3 million. At the same time, total motor gasoline inventories decreased by 0.5 million barrels.

Crude oil (Light Sweet) was up from $91.53 to $92.35 per barrel as of 19:10 GMT on NYMEX today. November futures for Brent oil delivery jumped as much as $1.42 (1.2 percent) to $115.73 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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