Oil gains on U.S. storage figures


SUBMITTED BY: mbza11

DATE: Dec. 9, 2015, 6:59 p.m.

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  1. * U.S. crude inventories surprise with 3.6 mln barrel fall * Distillate builds at twice forecast * Strong Japan machinery orders lend some support * Onshore crude storage to run out Q1 2016 -PIRA (Recasts with EIA data) By Simon Falush and Barani Krishnan LONDON/NEW YORK, Dec 9 (Reuters) - Oil prices gained ground on Wednesday after an unexpected fall in crude storage in the United States, offering a rare signal that the global glut may be easing. Brent crude oil futures were up 66 cents at $40.92 a barrel by 1554 GMT and U.S. West Texas Intermediate (WTI) crude futures stood at $38.18, up 67 cents from their last settlement. U.S. crude stocks fell by 3.6 million barrels last week, the Energy Information Administration said, breaking a streak of builds and surprising investors after analysts forecast an increase in stocks of 252,000 barrels.

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