Oil Gains More Than $3/bbl After Suez Canal Ship Grounding

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    Greensea Systems
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    Oil prices jumped about 6% on Wednesday after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week.

    The crude benchmarks, U.S. crude and London-based Brent, added to gains after U.S. inventory figures showed a further rebound in refining activity, suggesting U.S. refiners are mostly recovered from the cold snap that slammed Texas in February.

    Brent crude settled at $64.41 a barrel, gaining $3.62, or 6%, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) settled at $61.

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