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U.S. Oil Reaches $60 First Time in 2019

Oil held near a four-month high after U.S. crude inventories plunged by the most since July, while Saudi Arabia pressed on with export cuts.

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Futures slipped 0.5 percent in New York, having closed above $60 a barrel on Wednesday for the first time since November. U.S. government data showed that nationwide stockpiles declined by 9.59 million barrels, while analysts had expected an increase. The countryโ€™s crude exports were near a record high, imports from Saudi Arabia fell by more than half and shipments from Venezuela stopped completely.

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