Today’s News of Crude Oil By Commodity Bazaar Best Crude Tips Provider

Oil prices recovered on Thursday in Asia after slumping to five-week lows earlier in the day after data showed petroleum stockpiles rose by 14 million barrels for a second week in a row.

U.S. Crude Oil WTI Futures gained 0.8% to $58.30 by 1:01 AM ET (05:01 GMT). International Brent Oil Futures also rose 0.8% to $64.50.

Oil prices initially slumped after the U.S. Energy Information Administration said crude inventories across the country fell by 2.55 million barrels for the week ended Jan. 10. Analysts were looking for drop of 474,000 barrels.

Gasoline inventories jumped by about 6.7 million barrels, compared with expectations for a build of about 3.4 million barrels, the EIA said.

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