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Oil firms on drop in U.S. crude stocks, market awaits OPEC/Russia supply decision

“WTI was supported by drop in U.S. commercial crude inventories, which fell by 7.3 million barrels in the week to Nov. 30, to 443.16 million barrels International Brent crude oil futures had yet to trade” writes Midwest Communications Inc for SINGAPORE (Reuters) – U.S. oil prices stabilized on Friday, buoyed by a fall in U.S. crude oil inventories, but sentiment remained weak as producer group OPEC postponed a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.U.S. West Texas Intermediate (WTI) crude futures were at $51.61 per barrel at 0037 GMT, 12 cents above their last close.

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