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Brent, U.S. crude futures pare gains on EIA data

Published 08/17/2011, 10:49 AM
Updated 08/17/2011, 10:56 AM

NEW YORK, Aug 17 (Reuters) - Brent and U.S. crude futures pared gains on Wednesday after a government report showed crude stocks rose sharply last week in the United States, against expectations for a drop.

U.S. crude stocks rose 4.23 million barrels last week, the U.S. Energy Information Administration said in its weekly report. Gasoline stocks fell more than expected but less than was reported on Tuesday by an industry group. Distillates rose more than expected, the EIA said. [EIA/S]

ICE Brent October crude rose $1.90 to $111.03 a barrel by 10:39 a.m. (1439 GMT), having traded from $109.09 to $111.74. Prices were up about $2.40 ahead of the data.

On the New York Mercantile Exchange, September crude rose $1.64 to $88.29 a barrel, trading from $86.65 to $89. Prices were up about $2.30 ahead of the EIA report. (Reporting by Robert Gibbons; Editing by John Picinich)

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