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Oil prices firm on mixed US stockpiles report
[LONDON] Oil edged higher on Friday after a mixed US report showed a healthy decline in crude and gasoline reserves but a rise in output that could aggravate the global supply glut In late morning London deals, Brent North Sea crude for July added 85 cents to US$63.16 per barrel, compared with Thursday's closing level.
US benchmark West Texas Intermediate (WTI) for delivery in July won 71 cents to US$58.39 a barrel.
The market had ticked higher Thursday after the mixed US petroleum report.
Daniel Ang, investment analyst at Phillip Futures in Singapore, said the US Department of Energy petroleum report "showed a mixed sentiment as the bearish production increase was offset by a bullish inventory decrease".
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