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Oil prices rise on a weaker U.S. dollar
Oil prices rose on a weaker U.S. dollar. The U.S. dollar declined against other currencies after the release of the weaker-than-expected U.S. services PMI data.
The Chinese services PMI data also supported oil prices. The Caixin/Markit Services Purchasing Managers' Index (PMI) for China rose to 52.4 in January from 50.2 in December. The index was driven by a rise in new business.
Gains were limited by the U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA) on Wednesday, U.S. crude inventories increased by 7.79 million barrels to 502.7 million in the week to January 29.
Analysts had expected U.S. crude oil inventories to rise by 4.8 million barrels.
Gasoline inventories increased by 5.9 million barrels, according to the EIA.
Crude stocks at the Cushing, Oklahoma, increased by 747,000 barrels.
U.S. crude oil imports increased by 647,000 barrels per day.
Refineries in the U.S. were running at 86.6% of capacity, down from 87.4% the previous week.
WTI crude oil for March delivery rose to $31.10 a barrel on the New York Mercantile Exchange.
Brent crude oil for April climbed to $33.78 a barrel on ICE Futures Europe.
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