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Oil rebounds thanks to improved inventory stats

Crude stockpiles fell by 1.34mln barrels, according to the American Petroleum Institute.

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Brent crude rose to US$42.20

Oil prices bounced back on Wednesday thanks to US inventory statistics which showed a drop in the surplus.

It comes after crude dropped back towards US$40 per barrel.

The figures from the American Petroleum Institute revealed a 1.34mln barrel drop in crude last week, which was as expected.

The weight on oil market sentiment continues to be the apparent glut in supply - put simply, there’s still too much oil production and not enough demand.

In London, Brent crude rose 0.9% to US$42.20 per barrel while West Texas Intermediary futures gained around 1.1% around US$40.

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