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Brent oil gains $1 to claw back some losses

“The announcement by Libya’s National Oil Corp that four export terminals were being reopened, ending a standoff that had shut down most of Libya’s oil output, was the catalyst for a correction, Razaqzada said” writes Andrew Cullen for cnbc.com. U.S. crude rose 21 cents, or 0.3 percent, to $70.59, after falling 5 percent the previous session.Brent crude was up 96 cents, or 1.31 percent, at$74.36 by 0102 GMT, after earlier rising to $74.46.Brent crude rose more than $1 on Thursday as focus turned to a big drawdown in U.S. stockpiles, recouping some of the market’s heavy losses from the previous session that had been sparked by news that Libya would resume oil exports. U.S. crude oil stocks fell by nearly 13 million barrels last week, the most in nearly two years, dropping overall crude stocks to their lowest point since February 2015, the Energy Information Administration said on Wednesday.
 
Source: cnbc.com



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