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Oil advanced a second day, buoyed by shrinking US stockpiles and a wider risk-on mood triggered by signs of ebbing US inflation. West Texas Intermediate rose toward $79 a barrel after climbing 0.8% on Wednesday, while Brent closed below $83. US oil inventories posted a back-to-back drop for the first time since March, taking them to the lowest in a month. ...
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A continuously fading war risk premium and signs that regional oil markets look well supplied prompted traders to slash last week their bullish bets on crude oil at the fastest pace in over a year. The net long position—the difference between bullish and bearish bets—dropped to a three-month low as money managers liquidated longs, also prompting technical ...