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Oil inches up to $57 a barrel on Tuesday as unseasonably warm US weather encouraged refiners to stockpile winter fuel. With balmy weather limiting demand and Opec pumping nearly flat out in resonse to devastating autoumn storms in the US Gulf, oil has given up most of its hurricane rally falling last week to its lowest point since July, US light crude oil was trading at $54.4 a barrel. Warmer-than-average pre-winter conditions have given consumers time to build inventories drained after Katrina and Rita knocked out rigs and refineries in the US Gulf.
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| Posted : 11/16/2005 |
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