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Oil gains above $97 after US stockpiles drop

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The price of oil edged higher above $97 a barrel Thursday as investors reacted to a drop in U.S. stockpiles, but concerns of oversupply in the Middle East capped gains. By early afternoon in Europe, benchmark U.S. crude for January delivery was up 37 cents at $97.57 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.16 to close at $97.20 on Wednesday...

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