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Crude oil surged above $50 for the first time since June

West Texas Intermediate crude oil broke above $50 per barrel for the first time since June 24. The uptick comes after a string of good news that may assist in rebalancing the supply-demand dynamics of the commodity. Last week, the oil cartel OPEC preliminary agreed to a cap on production of oil and, on Wednesday, the Energy Information Association announced that inventories of oil in the US had unexpectedly decreased by 3 million barrels.
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