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Oil edges up as U.S. crude stocks fall, but soaring output weighs

“Oil prices inched higher on Thursday after a data report showed a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market” reports foxbusiness.com. Gasoline stocks rose 6.8 million barrels, to 220.9 million barrels, according to the report from the U.S. Energy Information Administration (EIA), much more than analyst expectations in a Reuters poll for a gain of 1.7 million barrels.Brent crude futures, the international benchmark for oil prices, were at $61.49 a barrel, up 27 cents, or 0.44 percent.Traders said the higher prices came as U.S. crude oil inventories fell by 5.6 million barrels in the week to Dec. 1, to 448.1 million barrels, putting stocks below seasonal levels in 2015 and 2016.
 
Source: foxbusiness.com



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