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Wed 07 Jul 2009Oil climbs above $70 on bullish API report
Oil climbed back above $70 a barrel today, paring some of the previous session's losses, as an industry inventory report showing a larger-than-expected fall in US crude stocks buoyed hopes of a demand recovery and encouraged buying.
The American Petroleum Institute said that domestic crude stocks fell 6.8 million barrels to 349.7 million barrels last week, against analysts forecast for a much smaller drawdown of just 2 million barrels.
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