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Oil edges up as U.S. crude stocks fall, but soaring output weighs

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices inched higher on Thursday after a data report showed 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 $56.18 a barrel at 0424 GMT, up 22 cents, or 0.4 percent from their last settlement.Brent crude futures, the international benchmark for oil prices, were at $61.49 a barrel, up 27 cents, or 0.44 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 ...

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First Published: Thu, December 07 2017. 09:57 IST