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Oil prices gain on sign of U.S. inventory dip

December 12, 2018

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Oil prices gained Wednesday as signs of a decline in U.S. crude inventories offset mixed signals on supplies from the globe’s major producers even as they ready for a planned reduction in output early next year.

OPEC said Wednesday that its total crude-oil production came down slightly in November but output from Saudi Arabia — the cartel’s largest member — surged to a record high. U.S. domestic supply data, meanwhile, appeared to register a drop, according to preliminary reporting.

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