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U.S. Oil Rises Above $45 a Barrel for First Time Since November

Oil climbed above $45 a barrel in New York for the first time since November after U.S. industry data showed a decline in crude stockpiles.

West Texas Intermediate futures climbed as much as 2.6 percent, extending a gain of 3.3 percent Tuesday. Inventories dropped by 1.07 million barrels last week, the industry-funded American Petroleum Institute was said to report. The World Bank boosted its forecast for oil prices this year, projecting that refinery demand will pick up and U.S. output cuts will steepen in the second half of 2016.

“The recent leg higher in oil prices is due to the tightening of the supply side of the market,” Jens Naervig Pedersen, an analyst at Danske Bank A/S in Oslo, said by e-mail. “U.S. production is edging lower, the rig count suggests there’s more to come, and the API figures from yesterday...


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