Oil Pares Gains After Report Shows Unexpected Inventory Gain
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Crude oil futures pared gains after the U.S. Energy Department reported an unexpected increase in inventories.
Crude oil for September delivery rose $1.65, or 1.9 percent, to $88.30 a barrel at 10:31 a.m. on the New York Mercantile Exchange. Oil traded at $88.95 a barrel before release of the inventory report at 10:30 a.m.