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Oil prices climb despite downbeat data

Xinhua, April 5, 2017 Adjust font size:

Oil prices ended slightly higher on Wednesday despite the release of a negative U.S. crude inventory report.

The Energy Information Administration said in its weekly report on Wednesday that the U.S. crude stockpiles added 1.6 million barrels last week, way above market consensus of a decrease of 435,000 barrels.

Oil prices pared gains on Wednesday as the unexpected data intensified market concerns about global oversupply.

The West Texas Intermediate for May Delivery added 0.19 U.S. dollars to settle at 51.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 0.19 dollars to close at 54.36 dollars a barrel on the London ICE Futures Exchange. Endit