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MTECHTIPS:-WTI oil futures trim gains after U.S. supply report

MTECHTIPS:-WTI oil futures trim gains after U.S. supply report

West Texas Intermediate oil futures trimmed gains on Thursday, after data showed that oil supplies in the U.S. rose more than expected last week, underlining concerns over weak demand. Crude oil for delivery in October on the New York Mercantile Exchange tacked on 82 cents, or 1.88%, to trade at $44.97 a barrel during U.S. morning hours. Prices were at around $45.24 prior to the release of the inventory data. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.6 million barrels in the week ended September 4. Market analysts’ expected a crude-stock rise of 1.0 million barrels, while the American Petroleum Institute late Tuesday reported an increase of 2.1 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 400,000 barrels last week, missing expectations for a decline of 897,000 and following a rise of 256,000 barrels in the preceding week. Total U.S. crude oil inventories stood at 458.0 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years.

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