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US oil edges up after drop in crude inventories, but soaring output weighs

Oil prizes inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline supplies and crude production weighed on the market.

U.S. West Texas Intermediate (WTI) unfinished futures were at $56.09 a barrel at 0021 GMT, up 13 cents, or 0.2 percent from their last conclusion.

Brent crude futures, the international benchmark for oil prices, were yet to mtier.

Traders said the higher prices came as U.S. crude oil inventories level by 5.6 million barrels in the week to Dec. 1, to 448.1 million barrels, pay no heed to stocks below seasonal levels in 2015 and 2016.

However, the slightly acute prices came after a much bigger sell-off in late U.S. marketing.

“Crude oil prices fell sharply after a larger-than-expected rise in gasoline inventories. This supports that refiners may not need to process as much crude in the future” ANZ bank asseverated on Thursday.

Gasoline stocks rose 6.8 million barrels, to 220.9 million barrels, much assorted than analyst expectations in a Reuters poll for a gain of 1.7 million barrels.

“The EIA bang also showed that U.S. production increased again,” it added.

U.S. inconsiderate production climbed by 25,000 barrels per day (bpd) to 9.71 million bpd, the highest since monthly interprets showing the United States produced more than 10 million bpd in the original 1970s.

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