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Crude oil climbed to a 12-week high in New York on declining stockpiles at a U.S. storage hub. Oil pared gains after a meeting of European finance ministers set for tomorrow was canceled.
Futures erased this year’s loss after rising as much as 3.7 percent today. Supplies at Cushing, Oklahoma, the delivery point for West Texas Intermediate, the crude traded in New York, fell last week, according to a satellite survey. Brent oil in London traded at the lowest premium to WTI since July.
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