Key Points
BEIJING (Reuters) Oil prices ticked higher in Asian trading as markets measured rising tensions in the Middle East against a surprise build in U.S. crude stockpiles that pushed oil benchmarks down about 80 cents in the previous session...
U.S. West Texas Intermediate crude futures gained 20 cents, or 0.28%, to reach $71.57 a barrel by 0202 GMT..
Benchmark Brent crude oil futures rose 21 cents, or 0.27%, to $77.01 a barrel...
U.S. crude inventories increased by 1.3 million barrels in the week ended on Jan. 5 to 432.4 million barrels, the EIA said on Wednesday, against analyst expectations for a 700,000-barrel draw..
Bearish fundamentals, including higher inventories and higher production, are playing out against rising tensions in the Middle East, IG analysts wrote in a note..
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