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Oil jumps on smaller-than-feared U.S. stock build; Iran on backburner
Oil rallied on Wednesday for the first time in four days after weekly U.S. stock builds turned out to be less than some feared, and negotiators missed a deadline on Iranian nuclear talks that might bring more supply to the market. U.S. oil futures were up more than 4 percent after government data showed crude inventories in the United States rose 4.8 million barrels to 471.4 million in the week to March 27, hitting record highs for a 12th straight week. [EIA/S] While analysts in a Reuters poll had expected a 4.2-million-barrel build on average last week, some feared a bigger rise after industry group the American ... (full story)