Oil soars as report points to dwindling US inventories



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Oil edged up after an industry report pointed to lower US fuel and crude inventories, adding to signs of a market tightening.

New York futures rose 0.4% to trade near $ 72 a barrel after slipping for a second session on Tuesday. American Petroleum Institute reported gasoline stocks fell 6.23 million barrels last week, according to people familiar with the numbers. It would be the biggest draw in fuel inventories since March if government data confirmed it later on Wednesday.

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