Oil rises as IEA sees demand boost; U.S. fuel stocks slump

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Oil rises as IEA sees demand boost; U.S. fuel stocks slumpOil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though U.S. data showed another big increase in crude inventories due to the ongoing effects of Hurricane Harvey. U.S. gasoline and distillate stocks fell sharply as Harvey shut nearly a quarter of the nation’s capacity with major Gulf Coast refineries only starting to come back to life in the last few days.

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