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U.S. oil price rise after sharp loss

Xinhua, November 10, 2016 Adjust font size:

U.S. oil price climbed on Wednesday after losing 4 percent on Tuesday night amid Donald Trump's winning of U.S. presidential election.

Crude prices recovered on Wednesday as Trump's victory speech eased market nerves following the surprising result of the election.

Trump addressed the nation at the Hilton hotel ballroom in midtown Manhattan, saying that "I'll be a president for all Americans."

Analysts said that the increased prospect of tax cuts and a generally pro-growth set of policies from Trump, aided and abetted by the Republican clean sweep of congress, boosted investor sentiment.

Meanwhile, the Energy Information Administration (EIA) said in its weekly report on Wednesday that crude oil inventories rose 2.4 million barrels in the Nov. 4 week to 485.0 million, higher than market consensus.

The West Texas Intermediate for December delivery added 0.29 U.S. dollars to settle at 45.27 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 0.32 dollar to close at 46.36 dollars a barrel on the London ICE Futures Exchange. Enditem