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Oil shakes off rise in inventories to end higher
Oil prices proved resilient Wednesday, settling higher despite data showing the second-largest weekly climb on record for U.S. crude supplies. Some traders and analysts attributed the move higher in oil futures to gains in gasoline futures, which rallied on the back of an unexpected weekly decline in gasoline supplies, or to a ‘relief rally’—and some suggested the crude stockpile jump had something to do with a previously announced planned sale of oil from U.S. reserves. But others were a bit baffled by oil’s price move. March West Texas Intermediate crude CLH7, +0.52% rose 17 cents, or 0.3%, to settle at ... (full story)