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Oil gives back some of last week’s big gains as Syria worries fade

“On Friday, the International Energy Agency indicated that global oil stockpiles are dwindling and approaching the five-year average the Organization of the Petroleum Exporting Countries is targeting” writes Markets Commodities Reporter for Gecas said that as global supplies decline, the market continues to see strong oil demand from China, but that demand is expected to be offset by U.S. output.Baker Hughes BHGE, +0.40%  on Friday reported that the number of active domestic oil rigs edged up by seven this week.In other energy trading, May gasoline RBK8, -1.13%  fell 1.2% to $2.04 a gallon, while May heating oil HOK8, -1.39% shed 1.4% to $2.07 a gallon.

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