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Crude oil futures end higher on modest crude supply rise

Crude oil futures ended higher on Wednesday with weekly domestic crude supplies up less than expected and US sanctions on Venezuela's state-run oil company lifting oil prices to their highest finish in over two months. The Energy Information Administration (EIA) reported that domestic crude supplies edged up by 900,000 barrels for the week ended January 25. Gasoline stockpiles fell by 2.2 million barrels last week, while distillate stockpiles were down 1.1 million barrels. Besides, trade tensions between the US and China continue to hang over energy trading, raising expectations for a slowdown in energy demand. China triggered the legal process for the World Trade Organization to hear its challenge to US tariffs imposed on $234 billion of goods.

Benchmark crude oil futures for March rose 92 cents or 1.7 percent to settle $54.23 a barrel on the New York Mercantile Exchange. March Brent crude gained 33 cents or 0.5 percent to settle at $61.65 a barrel on London's Intercontinental Exchange.

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