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Oil Rises On Falling Inventory
Description
Oil prices rose higher on Thursday, including a drop in U.S. crude stocks and a weak dollar. Gains were capped, however, as OPEC stuck by its decision to increase output gradually. Brent crude is up 45 cents, and West Texas Intermediate crude rose 39 cents. Additionally, U.S. crude inventories fell by 7.2 million barrels. Meanwhile, 80% of oil and gas output on the Gulf of Mexico was hampered by Hurricane Ida’s landfall and could take weeks to restart.
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