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1/22, 8:45 PM (Source: TeleTrader)
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Oil trades lower amid US inventory increase

Oil prices were lower on Friday as the United States Energy Information Administration (EIA) announced that crude inventories increased more than expected last week, fueling demand concerns.

Meanwhile, Baker Hughes rig count showed the US added two oil rigs this week, marking the ninth consecutive week of rig increases.

Brent for March delivery was down 1.11% trading at $55.49 per barrel, while West Texas Intermediate contracts for settlements in the same month dropped 1.51% to $52.33 at 2:40 pm ET.

Breaking the News / LH