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Oil prices jump on falling U.S. fuel inventories, lower production outlook

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices rose more than 1 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged.Brent crude futures were up 60 cents, or 1.3 percent, at $48.12 per barrel by 0657 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.72 per barrel, up 68 cents, or 1.5 percent.Both settled about 1.4 percent higher on Tuesday."The oil price ... climbed sharply overnight as the Energy Information Agency cut its forecast for U.S. production in ...

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First Published: Wed, July 12 2017. 12:39 IST