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Oil prices spike after EIA supply data

Wednesday, October 26, 2016 9:01
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US oil prices – briefly – turned positive on the day on Wednesday to snap a two day losing streak, after the latest snapshot of US crude inventories showed stockpiles unexpectedly fell last week.

The West Texas Intermediate hit $50.10 after a report from the US Energy Information Agency which showed a surprise drop in stockpiles last week.

However, minutes later prices resumed normal service and were last seen down 0.6% at $49.64.

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