Futures Movers: Oil prices move higher as EIA reports a 500,000-barrel weekly rise in U.S. supplies

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Oil futures headed higher on Wednesday, looking to recoup some losses from a day earlier sparked by concerns over the economic outlook, even after the Energy Information Administration reported a a 500,000-barrel weekly rise in U.S. crude inventories.

The size of the increase in domestic crude supplies defied some market expectations for a decline, but was also less than the climb reported by a trade group late Tuesday.

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