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Oil Holds Gain With Stockpile Data and Iran Sanctions in Focus
Oil held a gain as a report showed lower US crude stockpiles, and traders tracked progress toward fresh sanctions on Iran. Brent was steady above $88 a barrel after climbing 1.6% on Tuesday, while West Texas Intermediate was near $83. The American Petroleum Institute reported nationwide crude inventories fell by 3.2 million barrels last week, according to people familiar with the data. If confirmed by official figures later Wednesday, that would be the first drop in five weeks. The API also flagged a drawdown in overall gasoline levels, while oil stockpiles at the Cushing, Oklahoma, hub were seen shrinking. The US ... (full story)