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Oil dips away from three-year highs on signs of overheated market

“With the crude price up by more than 13 percent since early December, some analysts expect a downward price correction following the recent bull-run” reports foxbusiness.com. Oil dipped away from three-year highs on Thursday on signs that a 13-percent rally since early December may have run its course, although a surprise drop in U.S. production and lower crude inventories offered prices some support.More immediate price support came overnight from the United States, where crude inventories fell almost 5 million barrels in the week to Jan. 5, to 419.5 million barrels.
Source: foxbusiness.com

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