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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq A-Awsat

Oil Rises as Falling US Inventories Refocus Market on Demand

United States Oil API American Petroleum Institute IG Petroleum OPEC
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer.

Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. US West Texas Intermediate crude gained 39 cents, or 0.5%, to $77.46 a barrel, Reuters reported.

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