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West TX Oil up above $101 after Drop in Stockpiles

U.S. crude held just below $101 a barrel in early Asian trading on Thursday, holding onto most of the gains made in the previous session when oil prices rose by more than $1 on both sides of the Atlantic after an unexpected drop in U.S. inventories.

U.S. crude for June delivery was 1 cents lower at $100.76 per barrel by 0021 GMT, after settling $1.27 higher.  Brent crude was down 14 cents at $107.99 per barrel. The contract had settled $1.07 higher.

The U.S. Energy Information Administration said U.S. crude inventories fell 1.8 million barrels last week, compared with analyst’ forecasts for a 1.4-million-barrel build.

CNBC [1]

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