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Crude Prices Rose on Inventories Report

Crude oil futures closed higher on Wednesday

Crude oil futures closed higher on Wednesday, as a government report showed U.S. crude inventories rose less than expected.

U.S. crude inventories rose for a fifth week, up 1.1 million barrels to 301.1 million barrels in the week ending Feb. 8, the U.S. Energy Information Administration reported. Analysts surveyed by Platts, a provider of commodities information owned by the McGraw-Hill Cos., expected a rise of 3.2 million barrels.

Crude oil for March delivery rose 49 cents, or 0.5 percent, to $93.27 a barrel on the New York Mercantile Exchange.