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Crude Oil Rises on API Inventory Draw, Awaits EIA Report
Crude oil futures contracts for February maintained its bullish momentum as price edged higher towards $53.77 on Tuesday before giving up some of the gains but still closing with gains at $53.51. The bullish close comes after prices closed nearly flat on Monday. Both the WTI crude oil and Brent crude futures posted gains which came despite the U.S. dollar trading stronger which hit a 14-year high this week. The American Petroleum Institute’s (API) weekly crude oil inventory showed a larger than expected draw of 4.15 million barrels. This was higher than the forecasts of 2.5 million. API’s report comes after last ... (full story)