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Oil extended gains after closing at the highest level in more than a year as declines in American and Chinese crude stockpiles added fresh impetus to a rally driven by tightening global supplies. (Bloomberg) Oil extended gains after closing at the highest level in more than a year as declines in American and Chinese crude stockpiles added fresh impetus to a rally driven by tightening global supplies. Futures in New York edged above $55 a barrel after jumping almost 5% over the previous two sessions in tandem with a broader rally in financial markets. The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week, people familiar with the data said. Chinese stockpiles have dropped to the lowest in almost a year, according to data provider Kayrros.

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