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05 Mar 2015

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Oil up in Asia despite US inventories rise

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Singapore - Oil prices climbed in Asian trade on Thursday as signs that a refineries strike in the United States is weakening overshadowed a rise in US crude stocks, analysts said.

US benchmark West Texas Intermediate (WTI) added 29 cents to $51.82 a barrel and Brent gained six cents to $60.61 in late-morning trade.

Daniel Ang, an investment analyst with Phillip Futures in Singapore, said despite the rise in US inventories, traders focused on signs that a refineries strike in the the US could be settled, allowing more crude oil to be processed.

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