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Oil pares gains as US crude stocks rise by 2.8M barrels
Oil prices pared some gains on Wednesday after U.S. government data showed crude inventories rose more than expected. U.S. commercial crude stockpiles rose by 2.8 million barrels in the previous week to a total of 543.4 million barrels. Analysts had been expecting an increase of 1.7 million barrels. An earlier report on Tuesday from the American Petroleum Institute said U.S. crude inventories rose by 1.3 million barrels. Stocks in the previous week were at a record high. Brent crude had risen toward $46 a barrel earlier in the session, supported by reduced production in Canada's oil sands region, though expectations ... (full story)
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