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Oil up fifth day on U.S. stock draws; Saudi output threatens rally

From reuters.com

Oil's rally extended for a fifth day on Wednesday, helped by a weaker dollar and an unexpected drawdown in U.S. crude and gasoline but traders said the run up may not last, pointing to galloping Saudi output and technical factors. Crude futures have gained as much as 13 percent since Thursday after Saudi Arabia, the kingpin in the Organization of the Petroleum Exporting Countries, stoked speculation that OPEC was ready for an output freeze deal with producers outside the group. On Wednesday, Brent crude settled up 62 cents, or 1.3 percent, at $49.85 a barrel after touching five-week highs of $49.93. U.S. West Texas ... (full story)

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