Oil prices dip but ultimately end higher after big increase in weekly data of domestic stockpiles

03-Mar-16
Oil prices rose, but ultimately ended higher after weekly U.S. government data showed a big increase in domestic crude stockpiles, with waning space available to store swelling supplies. Benchmark US crude contract rose to US$34.6 a barrel, and the global Brent benchmark rose to US$36.9 a barrel, but fell by as much as 2% immediately after the release of data by the U.S. Energy Information Administration. As per the report, US crude stocks grew by 10.4 mln barrels last week, versus the 2.6 mln barrel expansion estimated by analysts in a Wall Street Journal poll.
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