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Oil futures rise more than 1%

Oil futures rose more than one per cent on Wednesday, but backed off session highs despite hefty drawdowns in U.S. crude and gasoline inventories as government data also showed stocks were still above average and demand lackluster.
     
Brent crude futures were up 44 cents, or 0.9 per cent, at $47.96 a barrel, while U.S.
 
West Texas Intermediate (WTI) crude was up 63 cents, or 1.4 per cent, at $45.67 per barrel.     


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