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U.S. oil inventories fall, price jumps

Staff Writer |
U.S. crude oil inventories fell for a sixth straight week, as OPEC efforts to reduce supply appear to be coming to fruition ahead of the cartel's upcoming meeting next week, while gasoline and distillate stocks also dropped.

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The U.S. Energy Information Administration said on Wednesday that crude inventories USOILC=ECI fell 1.8 million barrels for the week to May 12, compared with expectations for a decrease of 2.4 million barrels.

That boosted oil prices immediately after the data, with U.S crude futures CLc1 bouncing to a high of $49.50 a barrel before retreating modestly.

Crude was up 67 cents to $49.32 a barrel as of 10:48 a.m. EDT, though prices are still 8 percent below April's peak of $53.76. Brent rose 81 cents to $52.45 a barrel.

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