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Oil jumps on outages; API reports big U.S. crude build

Pumpjacks and other infrastructure for producing oil dot fields outside of Watford City, North Dakota January 21, 2016.

Brent jumped 4 percent on Tuesday while U.S. crude settled up more than 2 percent, after a late burst of buying driven in part by expectations that record U.S. crude inventories would not swell by as much as they have in recent weeks.

Crude supply outages in Canada, Nigeria and elsewhere also boosted prices. Brent's gain was its biggest one-day percentage move in a month.

The market pared gains briefly in post-settlement trade after the American Petroleum Institute (API), an industry group, said U.S. crude inventories rose by 3.45 million barrels to record highs of 543.1 million during the week ended May 6.

Analysts polled by Reuters had expected a build of only 714,000-barrels. [EIA/S]

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