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Oil traded at the highest level in three years amid the longest stretch of declines in US crude stockpiles during winter in a decade.
Futures in New York advanced 0.6 per cent after rising 3.5 per cent the previous three sessions. American inventories fell by 4.95 million barrels last week, the eighth consecutive drop, while stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate, extended a decline below the five-year average. Output shrank the most since October.
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