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2/13, 3:21 PM (Source: TeleTrader)
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Oil adds 1% on Saudi cuts, ahead of EIA report

Crude prices traded in the green on Wednesday, extending gains from the previous session as investors digested the most recent Organization of the Petroleum Exporting Countries (OPEC) monthly report that stated a cut in the cartel's production, including Saudi Arabia's decrease of 350,000 barrels per day to 10.21 million.

Meanwhile, the American Petroleum Institute's (API) weekly report on Tuesday showed a surprisingly high increase of 2.51 million barrels in crude oil inventories, according to US media reports. Market watchers also focused on the upcoming Energy Information Administration (EIA) crude stockpiles report due for release later today.

West Texas Intermediate for March delivery rose 1.17%, changing hands for $53.69 per barrel at 3:09 pm CET while the international benchmark Brent for settlements in April gained 1.39% to trade for $63.23 per barrel at the same time.

Breaking the News / VK