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Oil price recovers as US crude stock go down

US West Texas Intermediate crude was up 36 cents, or 0.6 per cent, at $57.50 a barrel, having earlier settled down 85 cents at $57.14

Reuters  |  TOKYO 

Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in US crude stockpiles. Brent crude was up 50 cents, or 0.8 per cent, at $63.84 a barrel by 0152 GMT. It had settled down $1.35, or 2.1 per cent, at $63.34 on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. US West Texas Intermediate crude was up 36 cents, or 0.6 per cent, at $57.50 a barrel, having earlier settled down 85 cents at $57.14. After settlement on ...

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First Published: Wed, December 13 2017. 09:51 IST
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