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Oil bounces back from losses prompted by U.S. fuel stocks

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil edged higher on Thursday, regaining ground from sharp losses the previous day brought on by an unexpectedly large rise in U.S. stocks of refined fuels. Brent crude futures traded 52 cents higher at $61.74 a barrel by 1446 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $56.35 a barrel, up 39 cents.The previous day, Brent had settled 2.6 percent lower, and WTI 3 percent lower, after an unexpected rise in U.S. fuel stocks.Data from the Energy Information Administration (EIA) on Wednesday showed that U.S. crude oil inventories fell by 5.6 ...

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First Published: Thu, December 07 2017. 21:09 IST