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RESUTERS
Oil prices rose on Thursday, with benchmark Brent crude trading comfortably above $50 a barrel after a fall in US inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market.
RESUTERS
Oil prices rose on Thursday, with benchmark Brent crude trading comfortably above $50 a barrel after a fall in US inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market.
Brent was 70 cents higher at $50.92 a barrel by 9:45am GMT. US light crude oil was up 75 cents at $48.08.
"We saw the biggest draw in (US) inventories for the year last week with stockpiles down more than 5 million barrels, and it looks like Opec's production cut is finally biting," said Greg McKenna, chief market strategist at brokerage AxiTrader.
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