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Oil back towards US$56 but outlook still fragile, say traders

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Published Thu, Feb 5, 2015 · 09:50 PM

    London

    OIL rose towards US$56 a barrel on Thursday, recovering from part of the previous session's drop, although traders and analysts said the prospect of a further, sustained rally from near six-year lows looked weak.

    Crude snapped a four-day winning streak on Wednesday, when the US government said crude inventories increased by 6.3 million barrels, rising for a fourth consecutive week to hit a record high.

    Opec

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