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Oil prices climb despite jump in U.S. inventories

NEW YORK
2022-04-14 07:23

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NEW YORK, April 13 (Xinhua) -- Oil prices rose on Wednesday despite data showing a hefty increase in U.S. crude stockpiles.

The West Texas Intermediate for May delivery added 3.65 U.S. dollars, or 3.6 percent, to settle at 104.25 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 4.14 dollars, or 4 percent, to close at 108.78 dollars a barrel on the London ICE Futures Exchange.

U.S. crude inventories increased by 9.4 million barrels during the week ending April 8, the Energy Information Administration (EIA) reported on Wednesday. Analysts surveyed by S&P Global Platts had forecast the EIA publications to show a climb of 300,000 barrels in U.S. crude supplies.

According to the EIA, total motor gasoline inventories decreased by 3.6 million barrels last week, while distillate fuel inventories decreased by 2.9 million barrels.

On Tuesday, the U.S. crude standard and Brent both jumped more than 6 percent, after the Organization of the Petroleum Exporting Countries warned of severe supply risks in the event of an embargo on Russian oil.
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