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Oil bears miss out as record US refinery demand drives rally

Travel over the Memorial Day weekend in the US is set to reach a 10-year high as Americans are lured onto the roads by lower petrol prices, says motoring group AAA.

New York

OIL speculators missed out as record demand from US refineries helped trim supplies from their highest level in more than eight decades and drive prices higher.

Hedge funds and other money managers reduced their net-long position in West Texas Intermediate (WTI) crude by 7