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Oil prices strengthened on Wednesday ahead of US crude inventory data that could give investors a clue as to whether an Opec-led output cut is making progress in reducing a persistent global supply overhang. Brent crude was up 50 cents at $52.15 per barrel by 1:30pm GMT. US light crude rose 39 cents to $49.05. Both benchmark prices started the day in negative territory after industry data from the American Petroleum Institute (API) estimated that US crude stocks had risen by 882,000 barrels in the week ending 12 May to 523 million barrels.
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Oil prices strengthened on Wednesday ahead of US crude inventory data that could give investors a clue as to whether an Opec-led output cut is making progress in reducing a persistent global supply overhang. Brent crude was up 50 cents at $52.15 per barrel by 1:30pm GMT. US light crude rose 39 cents to $49.05. Both benchmark prices started the day in negative territory after industry data from the American Petroleum Institute (API) estimated that US crude stocks had risen by 882,000 barrels in the week ending 12 May to 523 million barrels.
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