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Oil Scores Best Opening Week in Half a Decade

  • U.S. crude stockpiles have been shrinking since mid-November
  • West Texas Intermediate closed Thursday at a 3-year high
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OPEC Faces Second Half Inventory Challenge, Says Sen
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Oil had its strongest opening week for any year since 2013 as refiners and exporters whittled away at crude inventories tucked away in U.S. storage tanks.

Futures rose 1.7 percent this week in New York. The pull on oil stockpiles in the world’s biggest economy accelerated to 7.42 million barrels last week, a level last seen in early August. U.S. inventories are shrinking at a time when OPEC and allies producers including Russia are working to trim a global glut that triggered the 2014 market crash.