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Oil fluctuated in New York as U.S. inventories climbed last week while stockpiles at Cushing, Oklahoma, the delivery point for the futures, fell.
Crude oil for March delivery rose to $96.99 a barrel on the New York Mercantile Exchange. The contract traded at $95.04 before the release of the inventory report by the Energy Information Administration. Trading was 98 percent above the 100-day average for this time of day. Futures are up 5 percent this year.
Brent oil for March settlement gained 30 cents, or 0.3 percent, to $116.82 a barrel on the London-based ICE Futures Europe exchange. Brent volume was 42 percent above the 100-day average.
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