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Following the sharp pullback seen in the previous session, the price of crude oil has moved back to the upside during trading on Wednesday.
Crude for May delivery has climbed $0.51 or 0.7 percent to $71.71 a barrel after falling $0.28 or 0.4 percent to $71.20 a barrel in Tuesday's session. With the rebound, the price of crude oil has reached a new five-week high.
The increase by the price of crude oil came despite the release of a Energy Information Administration report unexpectedly showing a sharp increase by U.S. crude oil inventories in the week ended March 28th.
The EIA said crude oil inventories surged by 6.2 million barrels last week after slumping by 3.3 million barrels in the previous week. Economists had expected crude oil inventories to decrease by 2.0 million barrels.
Nonetheless, at 439.8 million barrels, U.S. crude oil inventories remain about 4 percent below the five-year average for this time of year, the report said.
Meanwhile, the EIA said gasoline inventories decreased by 1.6 million barrels last week but remain 2 percent above the five-year average for this time of year.
Traders also shrugged off concerns President Donald Trump's reciprocal tariffs on U.S. trade partners could lead to reduced fuel demand.
Trump is scheduled to announce the new tariffs in a Rose Garden event later this afternoon, with White House press secretary Karoline Leavitt indicating the new levies will be "effective immediately."
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