Oil Prices Rebound, Even As U.S. Inventories Jump, Exxon Cuts Capex

U.S. commercial crude oil inventories rose by 10.4 million barrels last week, the Energy Information Administration said Monday, more than the industry-backed American Petroleum Institute’s tally of a 9.9 million barrel increase, and far above the 3.6 million expected by analysts.

But after a quick sell-off, oil prices moved back higher, with U.S. crude up 54 cents to $34.94 a barrel, at two-month highs.

Gasoline inventories fell by 1.5 million barrels last week, slightly more than...

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