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Oil prices stabilized today, after a larger-than-expected drawdown from US crude inventories overshadowed concerns about rising coronavirus cases in China, the largest oil importer.
Reuters reported that Brent crude futures rose seven cents, or 0.1 percent, to $80.06 a barrel, while US West Texas Intermediate crude rose four cents, or 0.1 percent, to $76.27.
According to data from the American Petroleum Institute, crude stocks fell by about 3.1 million barrels in the week ending December 16, while nine analysts polled by Reuters estimated a decline of 1.7 million barrels in stocks.
Gasoline stocks increased by 4.5 million barrels, while distillate stocks increased by 828 thousand barrels.
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