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Crude gains $0.26

Posted on: October 14, 2016

WTI prompt future gained $0.26 on Thursday after trading in a range of $1.23 and settled on $50.44. The EIA reported a 4.85 million barrel increase in crude stockpiles which was considerably higher than expected. This was offset by the reported decline in distillate and gasoline stocks which came in at 3.7 million barrels and 1.9 million barrels respectively. Further support came from trade data out of China which showed record levels of crude being imported to the country.

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