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Oil prices rise to two-week high on dip in U.S. output

By Karolin Schaps | LONDON

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Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply.

Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April.

Global benchmark Brent crude futures LCOc1 were up 35 cents at $47.66 a barrel at 1058 GMT, having touched a two-week high of $47.83 earlier in the session.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 33 cents at $45.07 a barrel. It registered an intraday high of $45.24, also a two-week peak.

“After the steep drop in oil prices of recent weeks, I believe that especially hedge funds saw nice buying momentum and lower U.S. crude production was the trigger to act,” said Hans van Cleef, senior energy economist at ABN Amro.

U.S. government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.

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By Karolin Schaps | LONDON

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