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Oil holds gains as crude stocks fall by 4.9M barrels
Crude futures held gains on Wednesday after the U.S. government reported a surprised decrease in crude inventories for last week compared to market expectations for a new record high in inventories. U.S. commercial crude stockpiles fell by 4.9 million barrels to a total of 529.9 barrels in the previous weak, the Energy Information Administration said. Data from the American Petroleum Institute showed on Tuesday that U.S. crude oil inventories fell by 4.3 million barrels for the week to April 1. Analysts polled by Reuters had forecast a build of 3.2 million barrels that could take stockpiles to an eighth week of ... (full story)
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