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OIL COLUMN – Crude rallies despite another rise in US stockpile

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US crude prices stiffened on Wednesday as even though already record-high American oil stockpiles rose again.

The closely followed weekly oil stockpile figures from the Department of Energy revealed an 8.2mln barrel increase in the surplus, exceeding market forecasts of around 5mln barrels.

It was, however, a slightly smaller build than last week (when inventories increased by 10mln).

The oil market has largely shrugged off the latest build, as frankly at this stage it won’t be much of a surprise to anyone. A weaker dollar has also helped offset the negativity.

In London trading Brent crude was up 1.5% to trade at US$56, West Texas Intermediary futures meanwhile gained almost 2% to about US$48.50.

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