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Crude oil gained for a 10th straight day as cold weather across much of the company boosted demand hopes and offset a larger-than expected buildin supplies reported by the Energy Information Administration.
Light sweet crude for February delivery rose to $83.18 per barrel, up $1.41 on the session. Prices had briefly dipped as low as $80.85 but later reached as high as $83.52.
The dollar fell against the euro, losing the $1.44 mark. The greenback also slipped amid choppy trading versus the pound.
Statistics released by payroll processor ADP showed that the private sector shed 84,000 jobs in December. This followed a revised drop of 145,000 the previous month.
Employment data continues to come in with the initial jobless claims report expected at 8:30 a.m. ET. First-time unemployment applicants are expected to rise to 445,000, compared to 432,000 last week.
The Labor Department's payroll report is expected on Friday.
The Institute for Supply Management revealed Wednesday that its index of national non-manufacturing activity rose to 50.1 for December. This followed a reading of 48.7 in November.
U.S. commercial crude oil inventories increased by 1.3 million barrels to 327.3 million in the week ended January 1. A more modest rise of 200,000 barrels was predicted.
Total motor gasoline inventories increased by 3.7 million barrels last week. A build of 500,000 barrels was expected.
Distillate fuel inventories decreased by 300,000 barrels, less than the predicted drop of 2 million barrels. Propane/propylene inventories decreased by 3.1 million barrels.
Late Tuesday, the American Petroleum Institute reported crude oil inventories declined 2.3 million barrels in the week ended Jan. 1. Gasoline supplies rose 5.6 million barrels, according to the API.
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