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Oil Gains, Shrugging Off US Supply Data

October 8, 2015 at 18:45 by Vladimir Vyun

Crude oil rallied today as Chinese stocks surged, joining other global equities, as the country’s markets reopened after the week-long holiday. The news eased concerns about economic slowdown in China, making investors bolder and encouraging them to buy riskier assets. Crude also gained amid worries about the Russia’s involvement in the Syrian war.

Yesterday, the report from the Energy Information Administration showed that US oil stockpiles grew by 3.1 million barrels to 461 million last week. This is compared to the experts’ average forecast of 2.2 million. Yet today’s news allowed the commodity to shrug off the negative supply data.

November futures for delivery of WTI crude oil climbed 3.51 percent to $49.49 per barrel as of 18:35 GMT on NYMEX today. Brent crude advanced 3.45 percent to $53.10 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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