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2016.08.1808:17:00UTC+00Oil Hits $47, A Monthly High

Crude oil futures continued to rise Thursday morning amid speculation that Suadi Arabia is nearing a deal with Russia to curb prodcution.

WTI crude oil for September was up 30 cents at $47 a barrel, the highest in four weeks.

US crude oil inventories last week fell by 2.5 million barrels in the week to August 12, standing at 521.1 million barrels.

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