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Oil prices rose on Wednesday after a larger than expected fall in US crude inventories and on attempts by Opec to rebalance an oversupplied market by cutting output.
Oil prices rose on Wednesday after a larger than expected fall in US crude inventories and on attempts by Opec to rebalance an oversupplied market by cutting output.
US crude oil inventories fell 5.8 million barrels last week, above analysts' expectations for a 1.8 million barrel decline, according to industry group the American Petroleum Institute.
Oil was also buoyed by a Reuters report on Wednesday that Saudi Arabia would cut crude supplies to Asia.
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