06 Oct 2016
London - Oil climbed above $50 a barrel in New York for the first time since June as declines in US crude inventories and OPEC’s pledge to reduce supply fanned hopes the global glut may clear.
Futures added as much as 0.7% after advancing 2.3% on Wednesday to the highest close in more than three months.
US crude stockpiles shrank below 500 million barrels last week for the first time since January, according to government data.
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