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Oil rises as IEA sees demand boost; U.S. fuel stocks slump

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though U.S. data showed another big increase in crude inventories due to the ongoing effects of Hurricane Harvey.U.S. gasoline and distillate stocks fell sharply as Harvey shut nearly a quarter of the nation's capacity with major Gulf Coast refineries only starting to come back to life in the last few days.The U.S. Energy Information Administration's weekly data showed a build of 5.9 million barrels of crude, exceeding ...

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First Published: Wed, September 13 2017. 22:59 IST
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