10/17, 8:20 PM (Source: TeleTrader)
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Oil rises after EIA reveals sharp jump in inventories

The price of crude oil increased on Thursday following the report from the Energy Information Agency (EIA) which revealed a larger-than-expected increase of the commodity in stock. According to the EIA, crude inventories in the US rose by 9.3 million barrels last week, reaching a total of 434.9 million. Traders' hopes seemed to have been somewhat raised by the latest rapprochement in trade relations between the US and China who are working out a final version of the phase one trade deal.

Prices were likely to be underpinned by comments from OPEC's Secretary-General Mohammad Barkindo who days ago signaled that the cartel and allied producers might be ready to trim the output.

West Texas Intermediate for settlement in November advanced 0.98% at 2:16 pm ET, to go for $53.50 a barrel, while international benchmark Brent for December settlement gained 0.88%, changing hands for $59.58, at the same time.

Breaking the News / GG