Oil was $2 a barrel higher on Wednesday after the US government reported a crude inventory build squarely within market expectations, extending gains after an earlier rally triggered by what the market described as a big algorithmic trade.
The US Energy Information Administration (EIA) said crude stockpiles rose 3.4 million barrels last week, matching analysts’ expectations in a Reuters poll.
The EIA also reported an inventory drop of 785,000 barrels at the Cushing, Oklahoma,delivery hub for US crude futures.
Global benchmark Brent was up $2.25 at $49.05 a barrel by 11:06 a.m. EDT (1506 GMT), after hitting a session high at $49.23.
US crude rose $2.50 to $45.70 a barrel.
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