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Oil Prices Pull Back On Unexpected Increase In Inventories

Oil prices moved to the downside during trading on Wednesday, giving back ground after moving higher over the two previous sessions.

Crude for January delivery climbed well off its lows of the session but still fell $0.30 or 0.5 percent to $58.11 a barrel.

The pullback by oil prices came after the Energy Information Administration released a report unexpectedly showing a weekly increase in crude oil inventories.

The report said crude oil inventories rose by 1.6 million barrels in the week ended November 22nd compared to economist estimates for a decrease of about 0.3 million barrels.

The EIA said gasoline inventories also surged up by 5.1 million barrels during the week, while distillate fuel inventories increased by 0.7 million barrels.

Meanwhile, the upcoming Thanksgiving Day holiday pushed forward several U.S. economic reports, leading to an avalanche of data that painted a mixed picture.

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