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Oil rallies to 3-week high as traders cheer U.S. supply data
Oil prices rallied Wednesday, settling at their highest level in roughly three weeks after data from the Energy Information Administration showed a weekly rise in U.S. crude inventories that was below some market forecasts, along with bigger-than-expected declines in gasoline and distillate stockpiles. Disruptions to crude output in Libya, as well as hopes for a six-month extension to the production cut agreement, led by the Organization of the Petroleum Exporting Countries, added further support to oil prices. Combined, the upbeat factors “offered the market a touch of optimism that perhaps things are headed in ... (full story)