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MTECHTIPS:-WTI oil futures trim losses after weekly supply data
West Texas Intermediate oil futures trimmed losses in North America trade on Wednesday, following the release of U.S. weekly supply data. Cr de oil for delivery in March on the New York Mercantile Exchange shed 36 cents, or 1.14%, to $31.12 a barrel by 15:35GMT, or 10:35AM ET. Prices were at around $30.69 prior to the release of the inventory data The U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 8.4 million barrels in the week ended January 22. Market analysts’ expected a crude-stock rise of 3.3 million barrels, while the American Petroleum Institute late Tuesday reported a supply gain of 11.4 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, fell by 771,000 barrels last week, the EIA said. Total U.S. crude oil inventories stood at 494.9 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. Gasoline inventories increased by 3.5 million barrels, compared to expectations for a gain of 1.6 million barrels, while distillate stockpiles decreased by 4.1 million barrels. A day earlier, Nymex prices jumped $1.11, or 3.66%, as traders covered short positions amid speculation OPEC and non-OPEC producers may be edging closer to a deal to cut production in an effort to stem the persistent slump in oil prices.
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