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Oil rises as IEA sees higher oil demand, shrinking inventories

Reuters  |  London 

By Fanny PotkinLondon (Reuters) - Oil prices rose on Wednesday after the International Energy Agency (IEA) said the global oil surplus was starting to shrink due to robust global demand and an output drop from OPEC and other producers.By 1021 GMT, international benchmark Brent crude was up 27 cents, or 0.5 percent, at $54.54 a barrel.U.S. West Texas Intermediate (WTI) was up 38 cents, or 0.8 percent, at $48.61 a barrel."Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly," the IEA, which coordinates energy ...

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First Published: Wed, September 13 2017. 16:01 IST
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