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Crude Gains Most In 7 Weeks, Shrugging Off U.S. Inventory Gain [Investor's Business Daily]

Manulife Financial Corporation (MFC) 
Last manulife financial corporation earnings: 2/12 05:00 pm Check Earnings Report
US:NYSE Investor Relations: manulife.com/investor-relations
Oil prices surged the most in seven weeks as declines in refined product inventories outweighed another increase in crude stockpiles. Futures in New York rose 2.2% on Wednesday, clawing back some of their losses from the previous day's rout. The Organization of Petroleum Exporting Countries is due to meet with other major producers in Vienna next month, with Saudi Arabia proposing at least a 1 million barrel a day cut to stabilize prices. The U.S. Energy Information Administration said domestic crude inventories rose 4.85 million barrels last week. Still, that was about half the jump of the prior week and gasoline and distillate stores fell, suggesting demand for petroleum remains healthy. "Overall, total inventories were down," said Craig Bethune, a senior portfolio manager at Manulife Asset Management in Toronto. "It's been a fairly tough market already and this was better than the worst case people were expecting." Crude prices in London and New York collapsed along with equities o Show less Read more
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