Crude Oil Prices Pared Gains after Surprising Inventory Build

Crude oil prices extended rally after a more upbeat IMF forecast on global growth. The front-month WTI contract attempted to re-test the 3-year high of 64.89 (day-high 64.88) and ended the day at 64.47, up +1.54%. The corresponding Brent contract gained +1.35% to close at 69.96. The unexpected increase in US inventory inevitably limited the gains. Major currencies generally rose against US dollar with Japanese yen the best performer.

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