Nick Oxford/Reuters
Crude inventories rose by 7.5 million barrels in the week to Feb. 7 to 435 million barrels, compared with analysts’ expectations in a Reuters poll for a 3 million-barrel rise. Oil prices pared gains after the release, with U.S. crude futures up $1.38, or 2.8 per cent, to $51.32 a barrel as of 10:53 a.m. ET. Global benchmark Brent crude was up $1.72 to $55.73 a barrel.
The oil market has been pressured by worries about demand as the coronavirus has spread in China and killed more than 1,000 people. In the last two days, those fears have ebbed, bolstering the price of oil.
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