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Oil rises in anticipation of another U.S. crude drawdown

Reuters  |  NEW YORK 

By David GaffenNEW YORK (Reuters) - Oil edged higher on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories and an OPEC-led deal to extend oil output cuts.Brent crude settled up 41 cents, or 0.7 percent, at $62.86 a barrel while U.S. West Texas Intermediate crude ended 15 cents, or 0.3 percent, higher at $57.62 a barrel."Demand remains firm which is the main reason for us to still see oil at above $60 per barrel," said Georgi Slavov, head of research at Marex Spectron.Faster-than-expected growth in demand this year has given tailwind to OPEC's efforts to ...

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First Published: Wed, December 06 2017. 01:44 IST