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Oil prices rise for a second day on China demand, U.S. stockpile drop

Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.

International benchmark Brent crude oil futures rose 29 cents, or 0.4 percent, to $72.01 a barrel by 0657 GMT. Brent gained as much 0.5 percent to 72.10 a barrel, the highest since Nov. 8 and the highest this year.

U.S. West Texas Intermediate (WTI) crude futures were at $64.49 per barrel, up 44 cents, or 0.7 percent from their previous settlement.

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