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By Barani Krishnan NEW YORK (Reuters) - Oil prices jumped as much 3 percent on Tuesday as a weaker dollar propped up commodities priced in the currency, prompting short-covering in a market that has sold off with little pause over the past seven months. An updated Reuters poll showed U.S. crude inventories rose 4.1 million barrels, on average, in the week to Jan. 23. The American Petroleum Institute (API), an industry group, will release its weekly inventory report at 2130 GMT. "Given the expectations in supply, it's kind of surprising to see the market pop this much today," said Andrew Lipow, president at Lipow Oil Associates in Texas.
The director of the National Weather Service says his agency should have done a better job of communicating the uncertainty about its forecast for a storm that hit the Northeast but did not hit the New York City area nearly as hard as predicted.