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Wednesday, 3 May 2017

Oil rebounds from near 2017 lows on falling U.S. crude stocks | Reuters

Oil rebounds from near 2017 lows on falling U.S. crude stocks | Reuters:

"Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply.

Benchmark Brent crude LCOc1 was up 21 cents at $50.67 a barrel at 1346 GMT. On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply.

U.S. West Texas Intermediate (WTI) crude CLc1 traded at $47.81 a barrel, up 15 cents. WTI had slid 2.4 percent on Tuesday on concerns about falling OPEC compliance with its production-curbing deal."



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