contrary to expectations, oil inventories are going up a little

Commercial crude oil reserves in the United States increased slightly last week after seven weeks of decline, surprising analysts who had expected a further sharp reduction in inventories.

According to figures released Wednesday by the US Energy Information Agency (EIA), crude inventories rose 0.5 million barrels in the week ended Jan. 14 to 413.8 million. Analysts were forecasting a further decline of 1.75 million barrels.

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