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Futures Movers: Oil rebounds to end sharply higher after smaller-than-expected inventory rise

Oil futures rebounded from early losses Wednesday, ending sharply higher after government data showed crude inventories rose less than expected last week.

On the New York Mercantile Exchange, West Texas Intermediate futures CLH8, +2.72% rose $1.41, or 2.4%, to end at $60.60 a barrel, it’s biggest one-day rise since Dec. 26. Brent crude LCOJ8, +2.76% , the global benchmark, rose $1.64, or 2.6%, at $64.36 a barrel on London’s Intercontinental Exchange.

The Energy Information Administration said U.S. inventories rose by 1.8 million barrels in the week ended Feb. 9. A survey of analysts by The Wall Street Journal had produced an average forecast for a 2.6 million barrel rise, and data from the American Petroleum Institute, an industry trade group, showed a 3.9 million barrel rise Tuesday.

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