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Oil sees relief rally as US inventories dip

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic rose today as oil stocks in the US dipped.

At the time of writing, the WTI oil Jan futures were up 1.77% or 66 cents at USD 38.17/barrel. Brent futures were up 1.2% or 50 cents at USD 40.77/barrel.

The American Petroleum Institute, a private industry group, data released yesterday showed the a surprise 1.9-million-barrel fall in U.S. crude inventories to 488 million barrels last week. Analysts were expecting an increase of 252,000 barrels.

The data was enough to trigger a short covering in both the benchmarks. However, the supply glut issue remains intact and could see market run out of onshore crude storage sites in the first quarter of 2016.

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