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Oil is trading moderately lower today. Brent Crude lost -0.11% currently trading at USD56.51 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate declined by -0.73% currently quoted at USD50.42. Yesterday oil recovered from Wednesday's big slump caused by higher U.S. stockpiles and news that Saudi Arabia increased oil production.In the week 28 March to 3 April oil reserves increased by 10.9 million barrels to 482.4 million barrels, while experts waited for an increase of 3.4 million barrels. The report also reported that weekly growth of oil reserves was the most significant since March 2001.
Today Baker Hughes Rig Count data will be in the focus. Active drilling rigs almost halved in 12 months. Still, U.S. output did not decline.
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