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Oil has first weekly gain since November


The oil industry has its first weekly advance since November and US crude oil stock fell to the lowest level in more than 2 years. Oil is balanced for a second yearly gain as the Organization of Petroleum Exporting Countries (OPEC) and its partners cut supplies to take of a global surplus. Ineos, a privately owned multinational chemicals company headquartered in London, expects to complete repairs to a hairline crack on North sea pipeline by christmas.

Front-month futures slid 0.5 percent in New York, trimming the weekly gain to 1.4 percent. Crude supplies slid last week to 436.5 million, the lowest level since October 2015, according to U.S. government data Wednesday. Output expanded at the smallest rate since starting a nine-week gain in mid-October.