Economic news

Oil rises above $48

Oil rose above $48 a barrel on Wednesday in response to falling U.S. fuel stocks in the United States and the government's forecast for crude output, despite suggestions from OPEC that the oil market will be oversupplied next year.

U.S. crude reserves fell 8.1 million barrels last week, according to the American Petroleum Institute (API).

Brent crude rose 73 cents to $48.25 a barrel. U.S. crude oil rose 81 cents to $45.85.

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