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Crude Pares Gain on First U.S. Supply Increase in Eight Weeks

Jan. 23 (Bloomberg) -- West Texas Intermediate crude futures pared gains after the U.S. Energy Information Administration said stockpiles increased for the first time in eight weeks.

Inventories rose 990,000 barrels to 351.2 million last week. They were forecast to climb 1.15 million barrels, according to the median of 10 analyst estimates in a Bloomberg survey before the report at 11 a.m. in Washington, a day later than usual because of the Martin Luther King Jr. Day holiday on Jan. 20. The industry-funded American Petroleum Institute said yesterday that supplies jumped 4.86 million barrels last week.

Crude oil for March delivery advanced 18 cents to $96.91 a barrel at 11:02 a.m. on the New York Mercantile Exchange. Oil traded at $97.13 a barrel before the report.

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