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Oil snaps 2 days of steep losses, gains modest

Published on NewsOK Modified: February 22, 2013 at 6:54 am •  Published: February 22, 2013

Data from the Energy Department's Energy Information Administration released Thursday showed U.S. stockpiles of crude oil rose by 4.1 million barrels last week, just over twice the increase expected by analysts.

"The recent sharp decline in the oil market was a combination of disappointing U.S. economic data, renewed concerns from Fed minutes and a large increase in the levels of the oil inventories," said commentary from Sucden Financial Research in London.

Brent crude, which is used to price oil used to make gasoline in many U.S. refineries, was up 83 cents at $114.36 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex:

— Natural gas was up 1.3 cents at $3.259 per 1,000 cubic feet.

— Heating oil gained 1.24 cents to $3.1073 per gallon.

— Wholesale gasoline added 2.45 cents to $3.2585 per gallon.