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Oil edges higher, anticipating another drawdown in U.S. stocks

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil edged higher on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories and an OPEC-led deal to extend oil output cuts.Brent crude was up 19 cents at $62.64 a barrel at 10:49 a.m. ET (1549 GMT) while U.S. crude, known as West Texas Intermediate, rose 2 cents to $57.49."Demand remains firm which is the main reason for us to still see oil at above $60 per barrel," said Georgi Slavov, head of research at Marex Spectron.Faster-than-expected growth in demand this year has given tailwind to OPEC's efforts to clear the glut and ...

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First Published: Tue, December 05 2017. 23:24 IST