CRUDE MARKET NEWS

U.S. crude's West Texas Intermediate (WTI) futures rose 1.22, or 2.8%, to settle at $44.66. WTI also fell briefly on the API data.

 

Brent jumped 4% on Tuesday while U.S. crude settled up more than 2 %, after a late burst of buying driven in part by expectations that record U.S. crude inventories would not swell by as much as they have in recent weeks.

 

Brent <LCOc1> settled up $1.89, or 4.3%, at $45.52 per barrel. More than 6,000 contracts changed hands in the final minute, Reuters data showed. The global oil benchmark rose to as high as $45.70 in post-settlement trading. After settlement, it briefly dipped more than 30 cents on the API data, then recovered to near its settlement price.

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