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Oil Rally Peters Out as Demand Concerns Counter Inventory Draws

  • WTI rallied as much as 3.3% on bullish report for crude, fuels
  •  U.S. crude production growth seen weighing on prices

Oil rose to a one-week high on signs that OPEC supply cuts are draining U.S. oil inventories, before running out of steam amid ongoing concerns that trade disputes will curb demand growth.

Futures in New York advanced as much as 3.3% just after the Energy Information Administration on Wednesday reported a 10 million-barrel crude draw, in line with an earlier estimate by the industry-funded American Petroleum Institute. Prices shed about half those gains after follow-through buying failed to materialize and investors turned their attention back to broader trade concerns.

[Full article @ Bloomberg.com]

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