Crudeoil trading range for the day is 2852-3032. Crude rose sharply, amid heavy short covering as the EIA hiked its 2017 projection for prices and production.
The API said crude oil stock rose 3.450mbls last week, well above the 300,000 build seen. Distillates stocks dropped 1.360 million barrels.
Crude stockpiles in the U.S. are at their highest levels in more than 80 years and are perilously close to reaching full storage capacity.
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