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Crude Oil Inches Back Up Amid Dearth of Negative Data Points

  • ‘Bit of a relief rally’ as oil heads toward second annual gain
  • Kuwait expects oil market to rebalance by late ’18: Kuna
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Trader Sloup Sees Oil Hurt by Lack of Bullish News

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The bad news bears took a deep breath on a day when there was no price-rattling data to agonize over and oil inched up as a result.

A day after fears over mounting U.S. fuel inventories sent future prices spiraling downward, they clawed back a portion of their descent, gaining 1.3% in New York. The increase, labeled a “bit of a relief rally” by Bob Yawger, a director at Mizuho Securities USA Inc., resulted as traders with outstanding wagers on a market drop closed out positions.