2/13, 5:22 PM (Source: TeleTrader)
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Crude jumps over 2% despite rise in US inventories

Oil prices extended gains from earlier in the session when they rose around 1%, jumping over 2% as investors remained optimistic following the report that showed Organization of the Petroleum Exporting Countries (OPEC) continued to comply with its output cut deal.

Investment incentives were higher despite the worse-than-expected data from the Energy Information Administration (EIA) that stated a surprise rise in the United States inventories of 3.6 million barrels for last week.

West Texas Intermediate for March delivery rose 2.43%, changing hands for $54.36 per barrel at 5:10 pm CET while the international benchmark Brent for settlements in April gained 2.03% to trade for $63.64 per barrel at 5:11 pm CET, rising above the December 7 high of $63.64 per barrel.

Breaking the News / VK