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Oil Prices Rise on U.S. Inventory Data

Oil prices rose strongly Wednesday after data from the American Petroleum Institute, an industry group, showed U.S. crude oil inventories had fallen by 482,000 barrels.

While oil markets remain jittery, traders are hoping that the API data is confirmed by the U.S. Department of Energy’s weekly stock report due to be announced later today.

Anything positive regarding a fall in U.S. crude oil stocks could lead to a frenzied bout of trading after the announcement is made at 1530 GMT.

Brent, the global crude benchmark, was up 2.3% to $44.58 for cargoes loading in January. On the New York Mercantile Exchange...