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Oil prices reverse early losses; China data supports

Crude futures turned positive after earlier falling on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery.

The morning's losses were capped by slightly better-than-expected Chinese economic data reflecting government efforts to stabilise growth as well as a drop in Chinese domestic production.

Brent crude futures were up 18 cents at $47.55 a barrel at 8:06 a.m. ET (1206 GMT). U.S. West Texas Intermediate (WTI) futures were up 17 cents at $45.85 a barrel.

While the price collapse over the past two years has led to a sharp drop in global oil production, stored inventories remain at high levels, particularly for refined products, weighing on a recovery in prices.

U.S. gasoline...


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