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Crude oil futures bounce back ahead of inventory data

Crude oil futures turned higher on Wednesday ahead of the inventory data and as ongoing anti-government protests in Iran raised the prospect of supply disruptions. Iran's elite Revolutionary Guards reportedly deployed forces to three provinces in an effort to quell anti-government unrest. The prospect of fresh supply disruption has offset the impact of pipeline restarts in both Libya and North Sea. Meanwhile, the American Petroleum Institute was slated to report its stockpiles survey in afternoon, followed by the Energy Information Administration's weekly report next day.

Benchmark crude oil futures for January delivery ended higher by $1.26 or 2.1 percent at $61.63 a barrel on the New York Mercantile Exchange. Brent crude for March delivery was up by 1.89 percent to $67.84 a barrel on the ICE.

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