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Oil goes up at Wednesday's settlement

Oil goes up at Wednesday's settlement

Mubasher: Oil futures settled higher on Wednesday due to the decline in the US inventories.

February NYMEX WTI increased by $0.2, or 0.4%, to close at $52.31 per barrel.

The US crude oil stockpiles fell by 2.7 million to 437.1 million barrels in the week ended 11 January, official data by the Energy Information Administration (EIA) revealed.

Total motor gasoline stockpiles climbed by 7.5 million barrels, while distillate fuel inventories by rose 3 million barrels.