Oil futures reversed course Wednesday to trade higher after the latest weekly data from the U.S. government. The report showed a hefty 10.4 million-barrel increase in crude supplies but also revealed that domestic output edged lower. Total U.S. crude output fell by 25,000 barrels to stand at 9.077 million barrels a day, the Energy Information Administration said. April West Texas Intermediate oil was up 48 cents, or 1.3%, to $34.88 a barrel on the New York Mercantile Exchange. It was trading around $34.30 ahead of the supply data and dropped to as low as $33.63 after them, before climbing back up again. Oil's price move "looks like a classic case of sell-the-rumour, buy-the-news type of a reaction," said Fawad Razaqzada, technical analyst at Forex.com and City Index. He said a supply build of this magnitude was already reported by the API last night and we are in a 'risk on' environment right now.
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