CNBC | Oil sharply pares gains on preliminary data showing surprise jump in US stockpiles CNBC Oil prices surged 2 percent as traders covered bets that oil prices will fall further and the market anticipated a drop in U.S. crude inventories. Analysts and traders told CNBC oil's plunge to the low $40 range has made traders less likely to take out ... Oil up almost 2 percent on weaker dollar, short-covering Oil stretches string of gains to a fourth session Oil Closes Above $44 as US Inventories Seen Extending Decline |