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Futures Movers: Oil prices churn as U.S. inventory climb expected

Oil prices drifted between narrow gains and losses early Wednesday, supported by a weaker dollar but limited by fresh evidence that U.S. supplies continue to build.

West Texas Intermediate crude for January delivery CLF9, -0.72% was recently up 14 cents, or 0.2%, at $51.69 a barrel but has traded down to $51.36 and briefly above $52 on the New York Mercantile Exchange. January Brent crude LCOF9, -0.85% the global benchmark, was last down 4 cents, or nearly 0.1%, to $60.16 a barrel on ICE Futures Europe but was earlier as high as $61.27.

The ICE U.S. Dollar Index DXY, +0.02% was flat after gaining Tuesday when Federal Reserve Vice Chairman Richard Clarida said in a speech that he backed continued gradual interest rate increases.

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