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Oil up as US crude stocks due to fall short of estimate

Oil prices were up today as crude inventories in the US are expected to increase less than the market expectation last week.

International benchmark Brent crude was trading at $20.50 per barrel at 06:30 GMT on Wednesday with a 0.79% gain after closing Tuesday at $20.34 a barrel.

American benchmark West Texas Intermediate (WTI) was trading at $13.41 a barrel at the same time with an 8.67% jump after ending the previous day at $12.34 per barrel.

According to American Petroleum Institute (API) on Tuesday, US crude oil inventories for week ending April 24 anticipates an increase of 9.98 million barrels but the market expectation was a rise of 10.62 million barrels.

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