Oil futures see volatile moves after a big jump in U.S. crude supplies, as traders weigh prospects for a vaccine rollout

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Oil futures saw volatile trading on Wednesday, giving up early gains to move lower after the Energy Information Administration reported a more than 15 million-barrel weekly increase in crude supplies, then turning higher again as traders continued to mull prospects for a vaccine rollout in the U.S. Despite the latest move up for prices, Tariq Zahir, managing member at Tyche Capital Advisors, believes prices will weaken in the days to come, “especially if we start to see more restrictions being put in place for U.S. populations.” Demand will be “hit hard,” he said. January West Texas Intermediate crude rose 21 cents, or 0.5%, to $45.81 a barrel on the New York Mercantile Exchange. It had fallen closer to the $45 mark in the immediate wake of the supply data early Wednesday.
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