File - An offshore oil platform is seen in Huntington Beach, California September 28, 2014. REUTERS/LUCY NICHOLSON
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Brent crude rebounded after dipping below $50 a barrel for the first time since May 2009 amid signs of a continuing supply surplus.U.S. crude stockpiles probably rose by 700,000 barrels last week while gasoline inventories advanced 4.5 million, a Bloomberg survey showed before an Energy Information Administration report Wednesday. The American Petroleum Institute reportedly said Tuesday that crude supplies slipped as fuel stockpiles surged in the week ended Jan. 2 .The volume of all futures traded was 85 percent above the 100-day average for the time of day.U.S. crude inventories probably climbed to 386.2 million barrels last week, according to the median estimate in the Bloomberg survey of nine analysts before the EIA's report. Supplies in the previous period were about 12 percent above the five-year average level for this time of year.
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