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Oil rises towards $53 before U.S. inventory report

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - Oil rose towards $53 a barrel on Wednesday ahead of a U.S. inventory report expected to show crude stocks dropped for a sixth week, although gains were capped by doubts about compliance with OPEC-led supply cuts.Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday before the release of Wednesday's official numbers.Brent crude, the global benchmark, was up 50 cents at $52.64 at 1304 GMT, after two days of decline. U.S. West Texas ...

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First Published: Wed, August 09 2017. 18:39 IST
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