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Oil slightly higher after five-day slump

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(iStock)
(iStock)

Singapore - Oil prices edged up in Asia on Thursday after slumping for five-straight sessions to a three-month low after a surprise jump in US stockpiles built on increasing worries about a global supply glut.

US energy department data showed on Wednesday that inventories were 13.4% higher on-year, while gasoline stocks were up 11.8%, indicating demand remains weak as the peak holiday driving season comes to a close.

The news sent Brent tumbling three percent and West Texas Intermediate more than two percent down to sit at levels not seen since April, with both contracts now down about a fifth from their 2016 highs above $50 early last month.

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