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Oil prices rose in early Asian trade today after a less-than-expected increase in US crude inventories, while the dollar's decline made oil less affordable for buyers of other currencies.
Reuters reported that Brent crude futures rose 12 cents to $86.24 a barrel, while West Texas Intermediate crude futures rose 30 cents to $80.45 a barrel.
And the US Energy Information Administration said: Crude stocks increased by 533 thousand barrels to 448.5 million barrels in the week ending on January 20, and this is much less than expectations of an increase of one million barrels, but despite the less than expected increase, crude stocks reached the highest level. Since June 2021.
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