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Crude oil rises as US crude supply drops
05 Oct 2016
Crude oil futures closed higher in the international market on Tuesday after the American Petroleum Institute reported a 7.6 million-barrel drop in U.S. crude supplies for the week ended Sept. 30.

Oil prices had rallied sharply in the past week following a much-touted agreement at an informal OPEC meeting in Algiers. The group’s oil ministers agreed on a need to cut production and are expected to hammer out the final details of an agreement at their next official meeting Nov. 30 in Vienna.

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