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Brent, U.S. crude up but choppy after EIA data

Published 06/08/2011, 10:56 AM
Updated 06/08/2011, 11:00 AM

NEW YORK, June 8 (Reuters) - Brent and U.S. crude held on to gains in volatile trading on Wednesday after a government inventory report showed crude stocks fell more than expected last week in the United States but refined products stocks rose.

Both crude contracts initially extended gains, pared them, then stabilized near where prices were ahead of the inventory report. Oil had rallied sharply before the report when OPEC ministers failed to reach a deal on an output target hike at a meeting in Vienna.

ICE Brent July crude rose $1.28 to $118.06 a barrel by 10:46 a.m. EDT (1546 GMT), trading from $115.75 to $118.58. Prices were up $1.25 ahead of the report.

On the New York Mercantile Exchange, July crude rose $1.55 to $100.64 a barrel, trading from $98.02 to $101.20. Prices were up $1.65 ahead of the inventory data. (Reporting by Robert Gibbons)

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