Oil rebounds to end sharply higher after inventory data

Oil futures rebounded from early losses, ending sharply higher after a smaller-than-expected rise in U.S. crude inventories. West Texas Intermediate crude for March delivery on the New York Mercantile Exchange rose $1.41, or 2.4%, to settle at $60.60 a barrel after earlier trading as low as $58.20. Oil bounced back from earlier weakness after the Energy Information Administration said crude stockpiles rose 1.8 million barrels last week. Analysts surveyed by The Wall Street Journal had forecast, on average, a 2.6 million barrel rise.

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