Crude oil gained as data showing a sixth consecutive week of declines in U.S. crude inventories added to optimism that the market was rebalancing.
OPEC said its oil output rose by 173,000 barrels-per-day in July to 32.87 million bpd.
This OPEC report stoked fears that OPEC and its allies’ may not be able to stem the glut in supplies by only curbing production.
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