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Oil hesitant to extend gains

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic strengthened moderately, but the gains remain capped after the US reported an unexpected rise in the inventories on Wednesday.

At the time of writing, the Brent futures were up 54 cents at USD 51.85/barrel, while WTI oil futures were 43 cents higher at USD 48.25/barrel. Prices are on track for gains of almost 8% this week, its largest weekly increase since late August.

However, gains appear capped today on account of supply situation. Crude stocks rose by 3.1 million barrels to 461 million last week as refineries cut output and idled capacity.

Meanwhile, the recovery in the USD index from the daily low also restricted further gains in crude prices.

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