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Oil turns positive after US inventory report

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West_Texas_Intermediate_turns_positive_after_inventory_data-line_chart-ft-web-themeregular-300x297Oil turned positive after the latest report from the US Energy Information Administration showed that crude stockpiles climbed less than expected and output slipped in the latest week.

Brent crude, the global oil benchmark, was up 0.7 per cent to $44.32 a barrel, while West Texas Intermediate, the US oil marker, was trading 0.3 per cent higher at $41.21 a barrel.

The report showed that inventories of US crude rose by a less than expected 2.08m barrels to 538.6m in the week to April 15, meanwhile, stockpiles at Cushing, Oklahoma, a key US delivery hub, unexpectedly dropped. The report also showed that production in oil fields slid by 24,000 barrels to 8.95m barrels a day.

Crude prices were lower earlier in the day after Kuwaiti oil workers ended their strike, which had seen the nation’s output slip to 1.5m barrels a day from an average of 2.8m last month.

A glut of supply continues to see oil languish more than 60 per cent below levels seen in mid-2014, when oil began its protracted decline.

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