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SINGAPORE: Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted. ....
By Reuters Staff 2 Min Read FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo (Reuters) - U.S. crude stocks fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.2 million barrels in the week to June 4 to 474 million barrels, the 11th straight weekly inventory decline as refiners have boosted output as the economy recovers after the COVID-19 pandemic and in anticipation of more summer driving. ....