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Oil rally continues, as optimism builds ahead of U.S. supply data


Oil built on Tuesday’s sharp gain Wednesday, supported by views that U.S. inventories may have fallen sharply last week.

Supplies are estimated to have dropped 10.2 million barrels, says the American Petroleum Institute. The industry group’s figure is quadruple the projected drop to be seen in later Wednesday’s weekly report from the Energy Information Administration. If that release shows a similar decline to API, prices will rise even more, said Michael McCarthy, an analyst at CMC Markets.

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