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Oil edges up after drop in U.S. crude inventories, but soaring output weighs

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market.U.S. West Texas Intermediate (WTI) crude futures were at $56.09 a barrel at 0101 GMT, up 13 cents, or 0.23 percent from their last settlement.Brent crude futures , the international benchmark for oil prices, were at $61.32 a barrel, up 10 cents, or 0.16 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 ...

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First Published: Thu, December 07 2017. 06:35 IST