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Oil prices rise amid smaller-than-expected increase in U.S. inventories

Xinhua News,NEW YORK
2020-11-19 05:43

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NEW YORK, Nov. 18 (Xinhua) -- Oil prices eked out gains on Wednesday after data showed U.S. crude stockpiles increased less than expected last week.

The West Texas Intermediate (WTI) for December delivery gained 39 cents to settle at 41.82 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 59 cents to close at 44.34 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories increased by 0.8 million barrels during the week ending Nov. 13, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

At 489.5 million barrels, U.S. crude oil inventories were about 6 percent above the five-year average for this time of year.

Analysts had estimated the EIA publication would show an increase of 1.7 million barrels in U.S. crude oil stocks last week, according to a Reuters poll.
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