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Oil edges up on dollar retreat after mixed IEA report

Oil futures rose slightly on Thursday after the International Energy Agency (IEA) trimmed its forecast for demand growth, but said a fall in oil output in the United States was speeding up.

Crude prices also found support after data showed consumer prices are rising less than expected, pushing the dollar lower. A weaker dollar supports oil, making it more affordable to holders of other currencies.

Brent crude futures were up 17 cents at $44.35 a barrel by 11 a.m. ET (1500 GMT). U.S. crude was up 8 cents at $41.84 a barrel.

The IEA trimmed its estimates for 2016 global demand growth from last month to 1.16 million barrels per day, but said a much-anticipated slide in production of light, tight oil in...


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