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TH: Oil prices extend gains on dollar-slide, talk of oil producer meeting
 
The last time gasoline inventories got close to that mark was in 1990, when stores rose to 251.1 million barrels.

"The weaker US dollar provided some interim support to the commodity complex, but volatility in crude oil remains extreme".

USA crude inventories climbed 7.8-million barrels in the week to January 29 to 502.7-million barrels, compared with analyst expectations for an increase of 4.8-million barrels.

Priced against crude oil, a 1-ounce gold bar was today worth nearly 35 barrels in London trading - a near-record price just shy of the 1973 Oil Crisis high.

But Ang said any price rise must have a solid foundation, otherwise it would not last. "With demand slowing, rebalancing may not occur until mid-2017 or later", it said, adding that "global supply should grow in 2016 despite low prices".

"It is not really surprising to see oil storage remaining high even as sanctions were lifted".

A price rebound last week driven by talks of possible coordination between Russian Federation and OPEC to slash production fizzled out after traders realised there was no substance to it. "I think we will make new lows before we start moving up higher - there's just so much oil out there you don't know what to do with it", Sal Umek of the Energy Management Institute in NY said.

"We expect low oil prices to persist for longer than we previously assumed", Morgan Stanley analysts said in a report.

Stocks of gasoline rose to 254.4 million barrels, the most in 34 years. Output dropped by 14,000 barrels a day to 9.22 million a day during the same period.

Meanwhile, Iran is aiming for crude exports of 2.3 million barrels per day in the fiscal year beginning March 21, the managing director of the National Iranian Oil Company was quoted as saying on Tuesday.

USA bank Citigroup said oil is the "trade of the year" and predicted a gain in prices in the second half of the year along with UBS and Societe Generale.

Morgan Stanley on Thursday lowered its average 2016 Brent price forecast to $30 a barrel, down from $49 previously.
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