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07-Feb2019

Crude oil futures end higher as US crude supplies rise less than expected

Crude oil futures ended higher on Wednesday after weekly US government data revealed smaller-than-expected increases in domestic crude and gasoline supplies. The Energy Information Administration (EIA) reported that domestic crude supplies rose by 1.3 million barrels for the week ended February 1. That was smaller than the 3.7 million-barrel rise expected by S&P Global Platts. American Petroleum Institute data showed an increase of 2.5 million barrels. According to report, gasoline stockpiles edged up by 500,000 barrels last week, while distillate stockpiles were down 2.3 million barrels. However, concerns surrounding a potential slowdown in global energy demand limited the gain for prices. 

Benchmark crude oil futures for March gained 35 cents or 0.7 percent to settle $54.01 a barrel on the New York Mercantile Exchange. April Brent crude rose 71 cents or 1.2 percent to settle at $62.69 a barrel on London's Intercontinental Exchange.


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